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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 10 July 2020 - onwards
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Regulation 38 Electronic money

(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

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