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EPIF is happy to share with you its Press Release on the impact of the AML Regulation on low-value gift cards and e-money products.
The Head of the EPIF Secretariat, Nickolas Reinhardt, stated that “The proposal to remove the exemption is not necessary and disproportionate. There is a very low risk of such products being misused for illicit purposes. The regulatory regime governing the issuance of these products is already very strict and issuers comply with various statutory requirements. Today’s spending and loading limits are extremely low, with a limit of 50 euros for online transactions and 150 euros for offline transactions, and the issuers of such products carry out sophisticated measures to prevent any misuse.”
The full statement can be found below.