S.L. 373.1 Art. 4Relevant financial business on an occasional or very limited basis.  

(1) The Financial Intelligence Analysis Unit may determine that legal and natural persons who engage in a financial activity on an occasional or very limited basis and where there is little risk of money laundering or the funding of terrorism occurring, are not to be considered as subject persons for the purposes of these regulations:

Provided that the Financial Intelligence Analysis Unit may not make any determination as is referred to hereabove in relation to a person who engages in the remittance and transfer of money.

(2) For the purpose of reaching a determination under sub-regulation (1) the Financial Intelligence Analysis Unit shall consider a legal or natural person to be engaging in a financial activity on an occasional or very limited basis where all of the following criteria are met:

(a) the total annual turnover of the financial activity does not exceed fifteen thousand euro (€15,000), and the Financial Intelligence Analysis Unit may establish different thresholds not exceeding this amount depending on the type of financial activity;

(b) each transaction per customer does not exceed five hundred euro (€500) whether the transaction is carried out in a single operation or in several operations which appear to be linked, and the Financial Intelligence Analysis Unit may establish different thresholds not exceeding this amount depending on the type of financial activity;

(c) the financial activity is not the main activity and in absolute terms does not exceed five (5%) of the per centum total turnover of the legal or natural person concerned;

(d) the financial activity is ancillary and directly related to the main activity;

(e) the main activity is not an activity falling within the definition "relevant financial business" or "relevant activity"; and

(f) the financial activity is provided only to the customers of the main activity and is not generally offered to the public.

(3) In assessing the risk of money laundering or the funding of terrorism for the purposes of sub-regulation (1), the Financial Intelligence Analysis Unit shall pay particular attention to, and examine any financial activity which is particularly likely, by its very nature, to be used or abused for money laundering or the funding of terrorism and the Financial Intelligence Analysis Unit shall not consider that financial activity as representing a low risk of money laundering or funding of terrorism if the information available suggests otherwise.

(4) In making a determination under sub-regulation (1) the Financial Intelligence Analysis Unit shall further state the reasons underlying the decision and shall revoke such determination should circumstances change.

(5) The Financial Intelligence Analysis Unit shall establish risk-based monitoring mechanisms or other adequate measures as is practicable to ensure that determinations under sub-regulation (1) are not abused for money laundering or the funding of terrorism.

(6) The Financial Intelligence Analysis Unit shall inform the European Commission accordingly of any determination made under sub-regulation (1) or its subsequent revocation under sub-regulation (4).