(1) Subject to paragraph (3), a relevant person is not required to apply customer due diligence measures in relation to electronic money, and regulations 27, 28, 30 and 33 to 37 do not apply provided that -
(a) the maximum amount which can be stored electronically is 150 euros;
(b) the payment instrument used in connection with the electronic money ("the relevant payment instrument") is -
(i) not reloadable; or
(ii) is subject to a maximum limit on monthly payment transactions of 150 euros which can only be used in the United Kingdom;
(c) the relevant payment instrument is used exclusively to purchase goods or services;
(d) anonymous electronic money cannot be used to fund the relevant payment instrument.
(2) Paragraph (1) does not apply to any transaction which consists of the redemption in cash, or a cash withdrawal, of the monetary value of the electronic money, where -
(a) the amount redeemed exceeds 50 euros; or
(b) in the case of remote payment transactions, the amount redeemed e
…