Regulatory Alerts2023-12-29 | 24074Added · Updated
E-Money Issuer (Amendment) Order, 2023
The E-Money Issuer (Amendment) Order, 2023 repeals and substitutes Schedule 2 of the E-Money Issuer Order, 2020 to establish new transactional limits and capital requirements for e-money accounts. For individuals, monthly transaction limits range from $7,000 for micro-transactions to $40,000 for high-value transactions, with corresponding maximum wallet sizes and capital requirements of TT$500,000 or 3% of outstanding e-float. For businesses, micro-enterprises face a $100,000 monthly limit, while small and medium enterprises are capped at $200,000, with large enterprises and government entities having no specified monthly transaction limit but requiring TT$1,000,000 or 3% of outstanding e-float in capital.
EMI Servicing Category – Individuals Monthly Transaction Limit Maximum Wallet Size Capital Micro-Transactions $7,000/month $7,000 TT$500,000 or 3% of the outstanding balance of the e-float, whichever is the greater.
Mid-Value Transactions $20,000/month $20,000 TT$500,000 or 3% of the outstanding balance of the e-float, whichever is the greater. High-Value Transactions $40,000/month $40,000 TT$1,000,000 or 3% of the outstanding balance of the e-float, whichever is the greater. SCHEDULE 2 (Clauses 8 and 12) E-MONEY ACCOUNTS TRANSACTIONAL LIMITS AND CAPITAL REQUIREMENTS LEGAL NOTICE NO. 391 REPUBLIC OF TRINIDAD AND TOBAGO THE FINANCIAL INSTITUTIONS ACT, 79:09 ORDER MADE BY THE MINISTER ON THE ADVICE OF THE CENTRAL BANK UNDER SECTION 17(4) OF THE FINANCIAL INSTITUTIONS ACT THE E-MONEY ISSUER (AMENDMENT) ORDER, 2023
- This Order may be cited as the E-Money Issuer (Amendment) Order, 2023.
- Schedule 2 of the E-Money Issuer Order, 2020 is repealed and the following schedule is substituted: Legal Supplement Part B—Vol. 62, No. 190—29th December, 2023 1949 Citation Schedule amended L.N. 284 of 2020
PRINTED AND PUBLISHED BY THE GOVERNMENT PRINTER, CARONI REPUBLIC OF TRINIDAD AND TOBAGO–2023 SCHEDULE 2 (Clauses 8 and 12) E-MONEY ACCOUNTS TRANSACTIONAL LIMITS AND CAPITAL REQUIREMENTS–Continued EMI Servicing Category – Business Monthly Transaction Limit Maximum Wallet Size Capital Micro-Enterprises1 $100,000/month $100,000 TT$500,000 or 3% of the outstanding balance of the e-float, whichever is the greater. Small Enterprises2 and Medium Enterprise3 $200,000/month $200,000 TT$1,000,000 or 3% of the outstanding balance of the e-float, whichever is the greater.
Large Enterprises4 and Government N/A N/A TT$1,000,000 or 3% of the outstanding balance of the e-float, whichever is the greater. 1 1-5 employees, including the owner or manager; assets up to $250,000 and annual sales up to $250,000. 2 6-25 employees, including the owner or manager; assets up to $1,500,000 and annual sales up to $5,000,000. 3 26-50 employees, including the owner or manager; assets up to $5,000,000 and annual sales up to $10,000,000. 4 51 employees and above. 1950 E-Money Issuer Order, 2023 Dated this 28th day of December, 2023. C. IMBERT Minister of Finance