(in the case of redemption for cash) the right to receive the cash immediately following the completion of the procedures in ELM 6.3.4 R;
(in the case of redemption in accordance with ELM 6.5.1 R (2)) the right to be paid as follows:
The procedures referred to in ELM 6.3.3 R are the carrying out of any checks that are reasonably required to prevent money laundering or fraud or to check whether the holder of the e-money is a person who is entitled to redeem it.
A firm must complete any procedures referred to in (1) as soon as reasonably possible.
prohibited by the Money Laundering Regulations; or
that would be a criminal offence under the law of any part of the United Kingdom; or
The par value of e-money is its monetary value.
The redemption right applies against the issuer of e-money. Issuer means the same thing as it does for the purpose of article 74A of the Regulated Activities Order (Electronic money). There is guidance on the meaning of issuer under that article in 3PERG 33 (Guidance on the scope of the 4 regulated activity of issuing e-money).4