General duties of care in relation to e-money

(1) When issuing e-money, credit institutions must fulfil the duties under section 10(1) of the Anti-Money Laundering Act, even where the threshold values under section 10(3), point 2, of the Anti-Money Laundering Act are not reached.
(2) In the cases under subsection (1), credit institutions may, without prejudice to section 14 of the Anti-Money Laundering Act, dispense with the duties under section 10(1), points 1 to 4, of the Anti-Money Laundering Act where 1. the payment instrument cannot be reloaded, or where a reloadable payment instrument can only be used domestically and the payment transactions that can be carried out with it are limited to EUR 150 per month, 2. the amount stored electronically does not exceed EUR 150, 3. the payment instrument is used exclusively for the purchase of goods and services, 4. the payment instrument cannot be acquired or reloaded with anonymous e-money, 5. the credit institution monitors the transactions or the business relationship to a sufficient extent to enable the detection of unusual or suspicious transactions, and 6. a redemption of the e-money by cash payment is excluded where it involves more than EUR 50, or, in the case of distance payment transactions within the meaning of section 1(19) of the Payment Services Supervision Act, the amount paid does not exceed EUR 50 per transaction. For the threshold value under the first sentence, point 1, it is immaterial whether the holder of the e-money acquires the e-money in one transaction or in several transactions, provided there are indications that a connection exists between the various transactions.
(3) Insofar as e-money is issued by way of a reloadable e-money carrier, the issuing credit institution must maintain data systems in which all amounts of e-money issued to, and redeemed by, identified holders of e-money are recorded, together with the time and the issuing or redeeming office. Section 8 of the Anti-Money Laundering Act applies correspondingly.
(3a) Credit institutions may accept payments made with anonymous prepaid cards issued in third countries only where these cards meet requirements equivalent to those named in subsection (2).
(4) Where facts exist justifying the assumption that, in the use of an e-money carrier, 1. the conditions under subsection (2) are not complied with, or 2. there is, in connection with the technical possibilities for using the e-money carrier, its distribution, sale, and the involvement of particular points of acceptance, an increased risk of money laundering or terrorist financing under section 1(1), points 1 and 2, of the Anti-Money Laundering Act, or an increased risk of other criminal acts under section 25h(1), the Federal Institute may issue orders to the credit institution issuing the e-money. In particular, it may 1. prohibit the issuance, sale, and use of such an e-money carrier, 2. require other suitable and necessary technical changes to this e-money carrier, or 3. require the institution issuing the e-money to take internal safeguards appropriate to the risk.