LATIN EXPRESS uses Money Sender Businesses (“MSB”) for activities performed outside of Argentina. All MSB‘s used by LATIN EXPRESS are properly vetted, ensuring that each MSB is accredited and authorized to control funds in their respective country.
Foreign agents who act as Payers are typically financial institutions such as banks or currency exchange firms.
Each contract with MSB‘s outlines clear legal compliance responsibilities that
LATIN EXPRESS expects to follow. MSB‘s are contractually obligated to prevent, control and report all suspicious activities to the authorities, should illegal activity be suspected.
LATIN EXPRESS uses banks with excellent reputation both domestically and internationally. Banks that LATIN EXPRESS utilizes for transactions have astrategic protocol that is performed on all incoming and outgoing funds to prevent and detect suspicious activity or irregularities.
In order to assist in these procedures, banks will receive funds to execute the necessary steps in order to complete transactions. LATIN EXPRESS gives warranty deposits (amounts depend on the volumes of each transaction). These deposits are controlled by correspondents in separate accounts from operational accounts that hold the actual funds.
Additionally, MSB’s also pre-fund their operations by sending payments in advance in which LATIN EXPRESS distributes and re-sends to correspondent accounts.
Domestic agents who send and/or receive funds on behalf of clients are independently contracted by LATIN EXPRESS.
Agents with signed, notarized contracts are able to act on behalf of LATIN EXPRESS and are obligated to comply with all regulations under Argentinian law.
Agents are located in most major cities and towns and can usually be easily accessible at your local store.
They can work either exclusively within the LATIN EXPRESS network, or they can work with other local providers.