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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 23 April 2021 - onwards
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33A. Electronic money derogation.

(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 €150,

(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,

(f) the transaction concerned is not a redemption in cash or cash withdrawal of the monetary value of

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