Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions Article 14

The term “Exempt Credit Card Issuer” referred to in these Regulations means an issuer of credit cards that accepts deposits only when a customer makes a payment in excess of a balance due with respect to the card and the overpayment is not immediately returned to the customer, provided that no later than 31 December 2018, the issuer implements policies and procedures either to prevent a customer from making an overpayment in excess of USD 50,000, or to ensure that any customer overpayment in excess of USD 50,000 is refunded to the customer within 60 days. The customer overpayment in each case shall be calculated applying the rules set forth in paragraph 2 of Article 34 and Article 49, and not refer to credit balances to the extent of disputed charges.