# AMLR Art. 37 — EDD correspondent for CASPs > The AMLR applies from 10 July 2027, which is also the deadline for the AMLA guidelines under Art. 37(3). See [[Effective-dates timeline]]. - **Part of:** [[AMLR]] - **FATF keying:** [[FATF R.13 - Correspondent banking|FATF R.13]], [[FATF R.15 - New technologies|FATF R.15]] - **Swiss provisions:** [[GwV-FINMA Art. 37 - Correspondent banking with foreign banks|GwV-FINMA Art. 37]] - **Detailed citation:** GwV-FINMA Art. 37 ## What it requires By way of derogation from Article 36, crypto-asset service providers entering a cross-border correspondent relationship with a non-EU respondent providing similar crypto-asset services must apply, beyond Article 20 due diligence: checks on the respondent's licensing, business, reputation and supervision; an AML/CFT-controls assessment; senior-management approval; documented allocation of responsibilities; and, for payable-through accounts, assurance the respondent verifies and monitors customers with direct account access (Art. 37(1)(a)-(f)). Termination must be documented and due diligence updated regularly. AMLA must issue guidelines by 10 July 2027 covering unregistered respondents (Art. 37(2)-(3)). ## Swiss position GwV-FINMA Art. 37 (Title 2, banks and securities firms) governs correspondent banking with foreign banks: Abs. 2 requires assurance that the foreign bank may not enter relationships with fictitious banks; Abs. 3 requires clarifying the counterparty's AML/CFT controls, calibrated to whether it is subject to adequate supervision and regulation; Abs. 4 covers payment-order completeness and forwarding. It does not cover correspondent relationships between crypto-asset service providers. ## Key divergences Swiss law has no definition of a crypto-asset correspondent relationship: GwV-FINMA Art. 37 (Title 2, banks and securities firms) covers only correspondent banking for foreign banks. On content, Art. 37 Abs. 3 covers an AML/CFT-controls check comparable to AMLR Art. 37(1)(b)-(c), but has no licensing/registration check, no duty to document responsibilities, no payable-through-account rule, and no duty to document termination decisions. Art. 37 Abs. 2's fictitious-bank assurance corresponds instead to AMLR Art. 39. Art. 37 Abs. 4's payment-order completeness duty has no AMLR Art. 37 counterpart. The AMLA guidelines due 10 July 2027, fixing the minimum action for unregistered/unlicensed respondents, have no Swiss counterpart instrument. ## Effective dates The AMLR applies from 10 July 2027, which is also the deadline for the AMLA guidelines under Art. 37(3). See [[Effective-dates timeline]]. ## Authoritative text > [!quote]- Regulation (EU) 2024/1624 (AMLR), Article 37 — English text (EUR-Lex, CELEX 32024R1624) > **Article 37** > *Specific enhanced due diligence measures for cross-border correspondent relationships for crypto-asset service providers* > 1. By way of derogation from Article 36, with respect to cross-border correspondent relationships involving the execution of crypto-asset services, with a respondent entity not established in the Union and providing similar services, including transfers of crypto-assets, crypto-asset service providers shall, in addition to the customer due diligence measures laid down in Article 20, when entering into a business relationship, be required to: > (a) determine if the respondent entity is licensed or registered; > (b) gather sufficient information about the respondent entity to understand fully the nature of the respondent’s business and to determine from publicly available information the reputation of the entity and the quality of supervision; > (c) assess the respondent entity’s AML/CFT controls; > (d) obtain approval from senior management before establishing the new correspondent relationship; > (e) document the respective responsibilities of each party to the correspondent relationship; > (f) with respect to payable-through crypto-asset accounts, be satisfied that the respondent entity has verified the identity of, and performed ongoing due diligence on, the customers having direct access to accounts of the correspondent entity, and that it is able to provide relevant customer due diligence data to the correspondent entity, upon request. > Where crypto-asset service providers decide to terminate correspondent relationships for reasons relating to AML/CFT policy, they shall document their decision. > Crypto-asset service providers shall update the due diligence information for the correspondent relationship on a regular basis or when new risks emerge in relation to the respondent entity. > 2. Crypto-asset service providers shall take into account the information collected pursuant to paragraph 1 in order to determine, on a risk sensitive basis, the appropriate measures to be taken to mitigate the risks associated with the respondent entity. > 3. By 10 July 2027, AMLA shall issue guidelines to specify the criteria and elements that crypto-asset service providers shall take into account for conducting the assessment referred to in paragraph 1 and the risk mitigating measures referred to in paragraph 2, including the minimum action to be taken by crypto-asset service providers upon identification that the respondent entity is not registered or licensed. ## Sources - AMLR Art. 37 — CELEX 32024R1624 - AMLR Art. 36 — CELEX 32024R1624 - GwV-FINMA SR 955.033.0, Art. 37 - GwV-FINMA SR 955.033.0, Art. 15 - GwV-FINMA SR 955.033.0, Art. 28