Regulatory Alerts2023-01-01
E-Money Issuer (Amendment) Order, 2023
The Minister of Finance of Trinidad and Tobago, advised by the Central Bank, issued this Order to amend the E-Money Issuer Order, 2020 by substituting its Schedule 2. The revised schedule establishes specific monthly transaction limits, maximum wallet sizes, and capital requirements for e-money accounts based on servicing categories for individuals and businesses. These requirements distinguish between micro, mid-value, and high-value transactions for individuals, and categorize business enterprises by size to determine applicable financial thresholds.
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- Schedule 2 of the E-Money Issuer Order, 2020 is repealed and the following schedule is substituted: Legal Supplement Part B—Vol. 62, No. 190—29th December, 2023 1949 Citation Schedule amended L.N. 284 of 2020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