Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018

Electronic money derogation

12. The Act of 2010 is amended by the insertion of the following section after section 33:

33A. (1) Subject to section 33(1)(c) and (d) and subsection (2), a designated person is not required to apply the measures specified in subsection (2) or (2A) of section 33, or section 35, with respect to electronic money if—

(a) the payment instrument concerned—

(i) is not reloadable, or

(ii) cannot be used outside of the State and has a maximum monthly payment transactions limit not exceeding €250,

(b) the monetary value that may be stored electronically on the payment instrument concerned does not exceed—

(i) €250, or

(ii) where the payment instrument cannot be used outside the State, €500,

(c) the payment instrument concerned is used exclusively to purchase goods and services,

(d) the payment instrument concerned cannot be funded with anonymous electronic money,

(e) the issuer of the payment instrument concerned carries out sufficient monitoring of the transactions or business relationship concerned to enable the detection of unusual or suspicious transactions, and

(f) the transaction concerned is not a redemption in cash or cash withdrawal of the monetary value of the electronic money of an amount exceeding €100.

(2) A designated person shall not apply the exemption provided for in subsection (1) if—

(a) the customer concerned is established, or resident in, a high-risk third country, or

(b) the designated person is required to apply measures, in relation to the customer or beneficial owner (if any) concerned, under section 37.”.