Section 38(1)

Subject to paragraph (3), a relevant person is not required to apply customer due diligence measures in relation to electronic money, and regulations 27, 28, 30 and 33 to 37 do not apply provided that— the maximum amount which can be stored electronically is £150; the payment instrument used in connection with the electronic money (“the relevant payment instrument”) is— not reloadable; or is subject to a maximum limit on monthly payment transactions of £150 which can only be used in the United Kingdom; the relevant payment instrument is used exclusively to purchase goods or services; anonymous electronic money cannot be used to fund the relevant payment instrument.

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Source: legislation.gov.uk · retrieved 2026-09-04