AI Summary of 33A. Electronic money derogation.
This provision outlines the exemptions applicable to designated persons concerning the application of specific anti-money laundering measures with regard to non-reloadable electronic money. To qualify for exemption, the payment instrument must meet several criteria, including limits on transaction values and restrictions on the source of funds.
Moreover, exceptions are nullified if the customer is located in a high-risk jurisdiction or if additional compliance measures are mandated for the relationship. Non-compliance incurs serious penalties, underscoring the importance of rigorous monitoring and adherence to regulatory standards in the financial sector.
33A. Electronic money derogation.
(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 €150,
(b) the monetary value that may be stored electronically on the payment instrument concerned does not exceed €150,
(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,