SWITZERLAND Law and Practice Contributed by: Yves Klein and Antonia Mottironi, Monfrini Bitton Klein and Ardenter Law
forms in the definition of financial intermediaries (Article 2 paragraph 2 AML). Initial coin offerings and services provided in a permanent business relationship in connection with the transfer of cryptocurrencies are now considered as finan - cial intermediation and are subject to the AML’s obligations of diligence.
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