Cap. 204 Art. 56Administrative penalties.

(1) Without prejudice to the Treaties and the Statute and any legal acts issued thereunder, and to the provisions of article 34(3) the Bank may impose administrative penalties which may be recovered by the Bank without recourse to a court hearing and which may be imposed either as a one-time penalty or on a daily cumulative basis until compliance in respect of the following:

(a) where any person or entity contravenes or fails to comply with a requirement contained in any directive issued under articles 17A, 24A, 50A or 60A;

(b) where a person or entity contravenes or fails to comply with a reporting requirement under the provisions of articles 23 or 24, or with any directive issued thereunder;

(c) where any person contravenes or fails to comply with any obligation relating to counterfeit currency notes or coins or the authentication and fitness checking of euro currency notes and coins under the provisions of article 50;

(d) where any person (payment service provider) contravenes or fails to comply with the provisions of Regulation (EC) No 924/2009 of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001; and

(e) where any person, other than any natural person who is not acting for purposes of trade, business or profession in payment service contracts, contravenes or fails to comply with the provision of Regulation (EC) No 260/ 2012 of 14 March 2012 on establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/ 2009: Provided that an administrative penalty imposed by the Bank may not be greater than:

(a) fifty thousand euro in case of a one-time penalty; and

(b) five hundred euro per day for every day in the case of a daily cumulative penalty, and the accumulated penalty shall not exceed fifty thousand euro.

(2) Without prejudice to the right of appeal granted under the provisions of article 35 and notwithstanding the provisions of sub-article (1), where a person contravenes or fails to comply with an order or a requirement under the provisions of articles 34 and 34A, or with any directive issued thereunder, the Bank may impose an administrative penalty recoverable by the Bank without recourse to a court hearing of up to two per cent (2%) of the total value of transactions transacted by such person in the preceding business year, and in any case not more than one million euro (€1,000,000).