S.L. 373.1 Art. 7AElectronic money. 

(1) The Financial Intelligence Analysis Unit, with the concurrence of the relevant supervisory authority may, on the basis of an appropriate risk assessment which demonstrates a low risk of money laundering and funding of terrorism, exempt subject persons issuing electronic money from the carrying out of customer due diligence measures under regulation 7(1)(a) to (c) where all the following criteria are met:

(a) the payment instrument is not reloadable, or is subject to a maximum monthly payment transaction limit of one hundred fifty euro (€150) which can be used only in Malta;

(b) the maximum amount stored electronically does not exceed one hundred fifty euro (€150);

(c) the payment instrument is used exclusively to purchase goods or services;

(d) the payment instrument cannot be funded with anonymous electronic money; and AND FUNDING OF TERRORISM

(e) the issuer carries out sufficient monitoring of the transactions and the business relationship to enable the detection of unusual or suspicious transactions:

Provided that this exemption shall not be applied in the case of redemption in cash or cash withdrawals of the monetary value stored on the payment instrument where the amount redeemed or withdrawn would exceed fifty euro (€50), or in the case of remote payment transactions where the amount paid exceeds fifty euro (€50).

(2) Subject persons issuing electronic money may still apply simplified customer due diligence measures where a low risk of money laundering and funding of terrorism is identified in accordance with regulation 10, even where the exemption envisaged under sub-regulation (1) has not been granted or has been granted subject to the criteria envisaged in the said sub-regulation (1).

(3) Subject persons acquiring payment transactions shall only accept payments carried out with anonymous prepaid instruments issued in other Member States and third countries where these are issued subject to criteria equivalent to those envisaged under sub-regulation (1).

(4) In this regulation:

"acquiring of payment transactions" means a payment service provided by a payment service provider contracting with a payee to accept and process payment transactions which results in a transfer of funds to the payee;

"payment transaction" has the same meaning as is assigned to the term under the Second Schedule to the

Financial Institutions Act;

"remote payment transaction" means a payment transaction initiated via internet or through a device that can be used for distance communication.