Transaction Limits
- Why are there limits to the transactions I can undertake?
- What are the limits?
- Will these limits always be imposed?
Why are there limits to the transactions I can undertake?
TeleGlobal is subject to conditions and regulations on issuing e-money that are imposed by European Directive (such as the e-Money Directive and Money Laundering Directive). The restrictions imposed are twofold in their purpose:
- To protect you, the consumer
- To prevent products like SNAP from being used for financial crime, most notably money-laundering and the financing of terrorists.
What are the limits?
All the limits and restrictions are detailed in Section 7 and Section 8 of our Terms and Conditions.
Will these limits always be imposed?
No. We are working to introduce, in the near future, an automated registration process that will include identity verification. The limits on turnover, transferring funds and redeeming funds will be removed for any SNAP Account held by an individual that has successfully passed this registration.
The removal of the £100 Account Limit will require both registration as well as our own successful application to the FSA for a full e-money Issuer Licence. We anticipate receiving this licence from the FSA early in 2007.