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