cannot be recharged, the maximum amount stored in the (a) device is $500; or can be recharged, a limit of $7,500 is imposed on the total (b) amount that can be transacted in a calendar year, unless an amount of $2,500 or more is redeemed in that calendar year by the bearer of the device. (4) For the purposes of this paragraph, electronic money is money as represented by a claim on the issuer which— is stored on an electronic device; (a) is issued on receipt of funds of an amount not less in (b) value than the monetary value issued; and is accepted as means of payment by persons other than (c) the issuer. (5) A transfer of funds made by mobile telephone or another digital of information technology device is exempt from this Part if— the transfer is pre-paid and does not exceed $1,000; or (a) the transfer is post-paid; (b) the payee has an agreement with the payment service (c) provider permitting payment for the provision of goods and services; a unique identifier, allowing the transaction to be traced (d) back to the payer, accompanies the transfer of funds; and the payment service provider of the payee is a licensee. (e) (6) A transfer of funds is exempt if— the payer withdraws cash from the payer’s own account; (a) is a debit transfer authorization between two parties (b) permitting payments between them through accounts, provided that a unique identifier accompanies the transfer of funds to enable the transaction to be traced back; it is made using a truncated cheque; (c)
(a) cannot be recharged, the maximum amount stored in the device is $500; or (b) can be recharged, a limit of $7,500 is imposed on the total amount that can be transacted in a calendar year, unless an amount of $2,500 or more is redeemed in that calendar year by the bearer of the device. (4) For the purposes of this paragraph, electronic money is money as represented by a claim on the issuer which— (a) is stored on an electronic device; (b) is issued on receipt of funds of an amount not less in value than the monetary value issued; and (c) is accepted as means of payment by persons other than the issuer. (5) A transfer of funds made by mobile telephone or another digital of information technology device is exempt from this Part if— (a) the transfer is pre-paid and does not exceed $1,000; or (b) the transfer is post-paid; (c) the payee has an agreement with the payment service provider permitting payment for the provision of goods and services; (d) a unique identifier, allowing the transaction to be traced back to the payer, accompanies the transfer of funds; and (e) the payment service provider of the payee is a licensee. (6) A transfer of funds is exempt if— (a) the payer withdraws cash from the payer’s own account; (b) is a debit transfer authorization between two parties permitting payments between them through accounts, provided that a unique identifier accompanies the transfer of funds to enable the transaction to be traced back; (c) it is made using a truncated cheque;
SRO.-No.-20-of-2016-Anti-Money-Laundering-and-Terrorist-Financing-Code-2016-2.docx