The term “business relationship” defined in Article 3(11) is not precise and should be clarified to ensure that it only covers business relationships which are specifically related to or carried out in close conjunction with the mainstream activities of the financial institution (for example securities trading and safe custody).
The term “business relationship” defined in Article 3 (11) is not precise and should be clarified to ensure that it only covers business relationships which are specifically related to or carried out in close conjunction with the mainstream activities of the financial institution (for example securities trading and safe custody).