(1) The Bank may exempt a person providing payment services referred to in paragraphs 1 to 6 of the Schedule from the application of all or part of the procedure and conditions set out in Regulations 7 to 40, with the exception of Regulations 25, 26, 33 and 35, where the following conditions are satisfied:

(a) the monthly average of the preceding 12 months’ total value of payment transactions executed by the person concerned, including any agent for which it assumes full responsibility, does not exceed €3,000,000;

(b) none of the natural persons responsible for the management or operation of the business has been convicted of offences relating to money laundering or terrorist financing or other financial crimes;

(c)

(i) where the person is a legal person, it has its head office in the State, or

(ii) where the person is a natural person, he or she has his or her place of residence in the State.

(2) The requirement in paragraph (1)(a) shall be assessed on the projected total amount of payment transactions in the business plan of the person concerned, unless an adjustment to that plan is required by the Bank.