Section 131O(3)

For the purposes of subsection (2)(c), “payment transaction” means an act initiated by the payer or payee, or on behalf of the payer, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and payee.

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Source: legislation.gov.uk · retrieved 2026-09-04 · Text as consolidated on 2026-07-15; changes after this date are not shown.