Commentaries: Art. 11

Any person changing from a non-professional activity as a financial intermediary to an activity carried out on a professional basis as a financial intermediary in accordance with Article 2 paragraph 3 AMLA must:
1. immediately comply with the duties under Articles 3-11 AMLA; and
2. submit an application for affiliation to an SRO within two months of the change.
Until it has affiliated to an SRO, such a financial intermediary shall be prohibited from carrying out acts as a financial intermediary that go further than those that are mandatory for the preservation of assets.