Glossary

A nested services relationship means a relationship that involves the provision of a designated service by a reporting entity that’s a remitter, virtual asset service provider or financial institution to a customer that’s a remitter, virtual asset service provider or financial institution where the:

• reporting entity provides the designated service at or through a permanent establishment in one country
• customer uses the designated service to provide services to its own customers at or through a permanent establishment in another country
• the relationship is not a correspondent banking relationship