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–

(a)the maximum amount which can be stored electronically is 150 euros;

(b)the payment instrument used in connection with the electronic money (“the relevant payment instrument”) is–

(i)not reloadable; or

(ii)is subject to a maximum limit on monthly payment transactions of 150 euros which can only be used in the United Kingdom;

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

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