Bank of America Merrill Lynch has announced the launch of Cuenta Controlada (Controlled Account) services in Mexico for Mexican pesos and U.S. dollar transactions.

Cuenta Controlada regulates the exchange of cash among multiple parties based on agreed upon contractual provisions as specified by a client, explained Juan Pablo Cuevas, head of Global Transaction Services (GTS) for Latin America and the Caribbean. Bank of America Merrill Lynch acts as an independent third party to receive, hold and subsequently disburse the funds.

Cuenta Controlada can be used to support a variety of corporate situations that involve cash only deposits, including:

• settlement of large mergers and acquisitions.
• good faith deposits or break fees.
• disbursement of milestone payments relating to a project.
• deposits to secure performance guarantees.
• holdbacks or earnings premiums in a business purchase.
• subscriptions relating to a capital strategy.
• legal or banking fees in a workout.
• safekeeping and disbursement of funds relating to bankruptcy and administration.