Cap. 653 Art. 35Administrative penalties.

(1) Any person, entity or body who breaches the provisions of article 32, and when such breach is not accompanied by any other breach of this Act, shall be liable to an administrative penalty to be imposed by the Board of not less than one hundred euro (€100) and not more than five hundred euro (€500) in respect of every separate breach:

Provided that in the case of payment service provides and crypto-assets providers, every natural person who, at the time of the commission of the breach, was a member of the management body of the relevant service provider shall be liable to the same administrative penalty as the legal person where the said natural person, through an act or omission, whether intentional or due to gross negligence, including through the lack of proper oversight of subordinates, caused or contributed to the commission of any such breach.

(2) The administrative sanction penalty shall be of not less than three hundred euro (€300) and not more than one thousand five hundred euro (€1,500) in respect of breaches that are deemed to be serious, repeated or systematic:

Provided that instead of or in conjunction with the imposition of any administrative penalty in accordance with sub-article (1) or this sub-article, the Board may issue directives in writing requiring any natural person or legal person to take any action or measure to remedy such breach or ensure compliance with the provisions of article 30(1):

Provided further that in cases where any natural or legal person fails to comply with any such directives issued in writing within the time and in the manner stipulated therein, the Board shall impose an administrative penalty in accordance with sub-article (1).

(3) The Board shall, in accordance with its policies and procedures, impose administrative penalties in accordance with this article, which penalties may be imposed either as a one-time penalty or as a daily cumulative penalty, or both.

(4) Administrative penalties imposed on a daily cumulative basis, shall not be less than a hundred euro (€100) and the accumulated administrative penalty shall not exceed two thousand five hundred euro (€2,500).

(5) Where the Board imposes an administrative penalty on a natural person or legal person, it shall inform in a timely manner any relevant supervisory authority or any other authority, body or committee responsible for the authorisation, licensing, registration or regulation of, or the granting of a warrant to, the person, entity or body concerned, and shall provide all relevant information on the administrative penalty which it deems necessary:

Provided that where the Board imposes an administrative penalty as stipulated in accordance with sub-articles (1) or (2), the Board may also recommend to the relevant supervisory authority, body or committee responsible for the authorisation, licensing, registration or regulation of, or the granting of a warrant to, the natural person or legal person concerned, to take any action or regulatory measures available to it in accordance with the applicable law as it may deem appropriate based on the specific facts and context of the case.

(6) Any administrative penalty imposed by the Board which exceeds one thousand five hundred euro (€1,500) shall be subject to publication on the Board’s website in accordance with policies and procedures established from time to time by the Board:

Provided that the above-mentioned threshold shall not apply in the case of payment service providers and crypto-assets service providers, where the Board may, if considered necessary and proportionate, after a case-by-case evaluation, publish administrative penalties and directives imposed in accordance with its policies and procedures.