(1) A person qualifies as a small payment institution for the purposes of these Regulations if -
(a) the average amount of payment transactions executed by the person and any agent for which it bears full responsibility during the previous 12 months, or
(b) the average amount of payment transactions likely to be executed by the person within the next 12 months, assessed on the projected total amount of payment transactions in its business plan,
is not more than €3 million per month.
(2) The Bank may waive the application to a person of all or part of the procedure and conditions set out in Chapters 2 and 3, and may register the person as a small payment institution, if -
(a) the person satisfies the Bank that the person qualifies as a small payment institution,
(b) none of the individuals responsible for the management or operation of the person's business has been convicted of any offence relating to money laundering or terrorist financing or any other financial crime,
(c) if t