Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
F54[Electronic money derogation
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 F55[€150],
F55[(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, F56[…]
(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 F55[€50, and]
F57[(g) the transaction concerned is not a remote payment transaction (within the meaning of Article 4 of Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 20153 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No. 1093/2010, and repealing Directive 2007/64/EC) of an amount exceeding €50.]
(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.]
F57[(3) A credit institution or financial institution acting as an acquirer shall not accept a payment carried out with an anonymous prepaid card issued in a state other than a Member State unless the payment instrument concerned complies with the requirements of subsections (1) and (2).
(4) A person who fails to comply with subsection (3) commits an offence and is liable—
(i) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both, or
(ii) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years, or both.]
Inserted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 12, S.I. No. 486 of 2018.
Substituted (23.04.2021) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021), s. 7(a)(i), (ii), (iv), S.I. No. 188 of 2021.
Deleted (23.04.2021) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021), s. 7(a)(iii), S.I. No. 188 of 2021.
Inserted (23.04.2021) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021), s. 7(a)(v), (b), S.I. No. 188 of 2021. A class A fine means a fine not greater than €5,000 as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 4(1), S.I. No. 662 of 2010.
The section heading is taken from the amending section in the absence of one included in the amendment.