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Electronic money derogation
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12. The Act of 2010 is amended by the insertion of the following section after section 33:
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“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—
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(a) the payment instrument concerned—
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(i) is not reloadable, or
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(ii) cannot be used outside of the State and has a maximum monthly payment transactions limit not exceeding €250,
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(b) the monetary value that may be stored electronically on the payment instrument concerned does not exceed—
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(i) €250, or
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(ii) where the payment instrument cannot be used outside the State, €500,
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(c) the payment instrument concerned is used exclusively to purchase goods and services,
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(d) the payment instrument concerned cannot be funded with anonymous electronic money,
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(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
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(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.
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(2) A designated person shall not apply the exemption provided for in subsection (1) if—
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(a) the customer concerned is established, or resident in, a high-risk third country, or
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(b) the designated person is required to apply measures, in relation to the customer or beneficial owner (if any) concerned, under section 37.”.
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