Alan Shatter (Dublin South, Fine Gael) | Oireachtas source

Section 4 provides for amendments to the definition of "occasional transaction", which is contained in section 24 of the Act of 2010. The definition provides that an occasional transaction in relation to a customer of a designated person means a single transaction or series of transactions that are or appear to be linked to each other where the total amount reaches €15,000. This will ensure obligations in the Act such as customer due diligence apply once this threshold is reached. Section 4 also provides for the lowering of this threshold in private members gaming clubs where the value concerned in a transaction reaches €2,000 and for the wire transfer of funds when an amount of €1,000 is reached.