French Monetary and Financial Code
In forceI. - Electronic money issuers referred to in 1°, 1° ter and 1° quater of Article L. 561-2 may defer verification of the identity of their customer and, where applicable, of the customer's beneficial owner, where the following conditions are met:
1° There is no suspicion of money laundering or terrorist financing ;
2° The customer may not hold another instrument of the same type from the same issuer;
3° The electronic money instrument may only be loaded by a means of payment issued by a person mentioned in 1° to 1°c of Article L. 561-2 whose holder has been identified and had his identity verified in accordance with the provisions of Articles R. 561-5 and R. 561-5-2, or by a transfer of funds from an instrument governed by this Article and issued by the same issuer;
4° The electronic money instrument may only be used by natural persons and for the following purposes:
a) Issuing funds transfers to a person holding an electronic money instrument issued by the same issuer;
b) Receiving transfers of funds issued by another person holding an electronic money instrument issued by the same issuer;
c) Purchase consumer goods or services from identified persons whose identity has been verified by the issuer in accordance with the conditions set out in articles R. 561-5 to R. 561-5-2, or make donations to identified non-profit organisations whose identity has been verified in accordance with the same conditions;
d) Issue fund transfers to a deposit account or payment account opened with a person mentioned in 1° to 1°c of Article L. 561-2 who is established in a Member State of the European Union or in a State party to the Agreement on the European Economic Area;
5° The contract concluded between the issuer and the holder of the electronic money instrument indicates that this instrument is governed by Article R. 561-14-1-1.
II. - The verification referred to in I shall be carried out no later than twelve months after the date of issue of the electronic money instrument. However, it shall be carried out immediately, before the expiry of this period, if one of the following conditions is met:
1° The monetary value loaded onto the electronic money instrument or the payments made exceed €150 over a period of thirty days;
2° The cumulative amount of all the deposits exceeds €1,000;
3° The electronic money instrument is used to make a payment transaction for the purchase of consumer goods or services for which the unit amount exceeds €50, initiated over the Internet or by means of a remote communication device;
4° The fund transfers referred to in d of 4° of I exceed €50 per transaction or a cumulative amount of €150.
