Administrative Penalties

As of 23 April 2020, the Sanctions Monitoring Board is empowered to mete out administrative penalties for any violation of Article 17(6) of the National Interest (Enabling Powers) Act. Any legal or natural person conducting a relevant activity or relevant financial business as defined in the Prevention of Money Laundering and Funding of Terrorism Regulations found in violation of Article 17(6) will be held liable.

The administrative penalties may be meted out directly by the Sanctions Monitoring Board without recourse to court proceedings. The penalties may be imposed as a one-time fixed sanction or as a daily cumulative sanction or both. One-time fixed sanctions range from one hundred Euros (100€) to three hundred Euros (300€) for every separate contravention and from three hundred (300€) to eight hundred Euros (800€) for serious, repeated and systematic contraventions. Daily cumulative penalties range from fifty Euros (50€) up to a total of one thousand Euros (1000€). In addition, the Board may issue directives requiring any person to take action to remedy the contravention.