The Act of 2010 is amended by the insertion of the following section after section 33:

"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 €250,

(b) the monetary value that may be stored electronically on the payment instrument concerned does not exceed -

(i) €250, or

(ii) where the payment instrument cannot be used outside the State, €500,

(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, and