S.L. 373.1 Art. 21Administrative penalties. 

(1) Any subject person who contravenes any of its anti-money laundering and counter-funding of terrorism obligations shall be liable to an administrative penalty of not less than one thousand euro (€1,000) and not more than forty-six thousand five hundred euro (€46,500) in respect of every separate failure to comply with or contravention of any such obligation.

(2) Notwithstanding the provisions of sub-regulation (1), a subject person shall:

(a) with respect to minor contraventions and where the circumstances so warrant, be liable to an administrative penalty below the minimum established by these regulations but not less than two hundred and fifty euro (€250);

(b) with respect to serious, repeated or systematic contraventions, be liable to an administrative penalty as follows:

(i) in the case of a subject person carrying out a relevant activity, an administrative penalty of not more than one million euro (€1,000,000) or, where the benefit derived from that contravention can be quantified, not more than twice the amount of the benefit so derived; or

(ii) in the case of a subject person carrying out relevant financial business, an administrative penalty of not more than five million euro (€5,000,000) and, where such amount is deemed not to be effective and dissuasive in view of the serious, systematic and repeated nature of the contraventions, an administrative penalty of not more than ten per centum (10%) of the total annual turnover according to the latest available approved annual financial statements:

Provided that where the subject person is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated accounts, the relevant total annual turnover shall be the total annual turnover resulting from the latest available consolidated accounts approved by the ultimate parent undertaking.

(3) An administrative penalty may be imposed as a one-time fixed penalty or as a daily cumulative penalty, or both, and administrative penalties imposed on a daily cumulative basis shall not be less than two hundred and fifty euro (€250) and the accumulated penalty shall not exceed the maximum stipulated in sub-regulations (1) and (2), as may be applicable. AND FUNDING OF TERRORISM

(4) Administrative penalties under this regulation shall be imposed by the Financial Intelligence Analysis Unit, without recourse to a court hearing but in accordance with policies and procedures established by the Board of Governors referred to in the Act. Such policies and procedures shall take into account the principles of natural justice and of a fair hearing, and ensure that any administrative penalty imposed is proportionate, effective and dissuasive.

(5) Where a contravention in accordance with sub-regulation

(1) is committed by a subject person being a body or other association of persons, be it corporate or unincorporate, in addition to any administrative penalty imposed on the subject person, an administrative penalty of not less than one thousand euro (€1,000) and not more than two hundred and fifty thousand euro (€250,000) may be imposed on any individual who at the time of the contravention was:

(a) holding the position of a director or holding similar functions and responsibilities within such body or association of persons or purporting to act in any such capacity;

(b) an officer of such body or association of persons holding a senior executive management function;

(c) appointed as a reporting officer in accordance with regulation 15(1)(a); or

(d) appointed to carry out the duties set out under regulation 5(5)(c), and who 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 contravention.