EPIF, together with other EU Associations, continues to call on co-legislators to re-consider the proposed rules for exempting certain low-value, low-risk e-money products from the requirements under the AML Regulation.
Both consumers and retailers greatly benefit from the current e-money exemption under the 5th AML Directive which should thus be maintained in the AMLR.
In particular, we recommend co-legislators to:
➔ Support the e-money exemption in Article 15 (3) per the EP’s proposed text
➔ Remove the restriction to „a single Member State“
➔ Remove the reference to a “direct commercial agreement with a professional issuer”
➔ Support Article 22 (1) (c) in the EP’s proposed text
The full Joint Call for Action can be found below.