Commentaries: Art. 4

A payment transaction service within the meaning of Article 2 paragraph 3 letter b AMLA exists in particular if the financial intermediary:
1. transfers liquid financial assets to a third party on behalf of its customer and thereby takes physical possession of these assets, has them credited to its own account or orders the transfer of the assets in the name and on behalf of the customer;
2. assists in the transfer of virtual currencies to a third party, provided that it maintains a permanent business relationship with the customer or that it exercises power of disposal over virtual currencies on behalf of the customer, and it does not provide the service exclusively to appropriately supervised financial intermediaries;
3. issues or administers means of payment other than cash which its customer uses to make payments to third parties;
4. carries out the money or value transfer transaction.¹
a. credit cards; b. travellers’ cheques; c. virtual currencies that are actually used or are intended to be used by the organiser or issuer as a means of payment for the purchase of goods or services or serve the transfer of money and value.²
Means of payment other than cash include in particular:
A money or value transfer transaction is the transfer of assets by accepting cash, precious metals, virtual currencies, cheques or other means of payment and:
1. the payment of a corresponding sum in cash, precious metals or virtual currencies; or
2. a cashless transfer via a payment or settlement system.

Amended by No I 8 of the Ordinance of 18 June 2021 on the Adaptation of Federal Law to Developments in the Technology of Distributed Electronic Registers, in force since 1 Aug. 2021 (AS 2021 400). ↩
Inserted by No I 8 of the Ordinance of 18 June 2021 on the Adaptation of Federal Law to Developments in the Technology of Distributed Electronic Registers, in force since 1 Aug. 2021 (AS 2021 400). ↩

Art. 4

Footnotes