S.L. 406.22 Art. 11Penalties for non- compliance.

(1) Failure by any payment service provider to submit the information or notifications required within the time limits set out in these regulations shall be liable to an administrative penalty in accordance with article 38(2)(c) of the Act: PAYMENT SERVICE PROVIDERS)

Provided that this shall not prejudice the payment service provider’s right to question the imposition of any such administrative penalty in accordance with paragraph (k) of article 44 of the Act.

(2) In addition, and without prejudice to any administrative penalties incurred in terms of sub-regulation (1), the failure by any payment service provider to adhere to any of the requirements laid down by these regulations subsequent to two (2) electronic reminders sent by the Commissioner, in relation to the same required submission, to a payment service provider over a three (3) month period commencing on the date the payment service provider was required to submit the required information or notification in accordance with these regulations, or where the information submitted by the payment service provider is found to be incorrect in such a way that it is misleading, deceitful or false, every senior managing official of such payment service provider shall be guilty of an offence and shall on conviction be liable to a fine (multa) of not less than ten thousand euro (€10,000) and not more than thirty thousand euro (€30,000) for each offence and, on a request by the prosecution, the court shall order the offender to comply with the law within a time sufficient for the purpose of these regulations, but in any case not exceeding three (3) months, and in default the offender shall be liable to the payment of a further fine (multa) of fifty euro (€50) for every day that the default continues after the lapse of the time fixed by the Court:

Provided that where a payment service provider is convicted of an offence against this sub-regulation, that payment service provider shall not be guilty of an offence against the other provisions of the Act in relation to the same offence.