Some Argentine MSBs Seeking U.S. Accounts Under False Pretenses, Say Attorneys

By Brian Monroe

Looking for entr?©e into a financial market that has been reluctant to bank them, multiple Argentine money services businesses have applied for American accounts under false pretenses, say industry advisors. The attempts follow the implementation of a series of financial controls by the South American government that limited when Argentines can buy U.S. dollars and other currencies. Following the reelection of Argentina's President Cristina Fernandez de Kirchner in October 2011, the government has curbed the use of dividend remittances and the purchase of U.S. dollars for savings accounts. Months before Kirchner's reelection, the U.S. Treasury Department's Financial Crimes Enforcement Network...