Article 55 — Pecuniary sanctions

Financial crimeLevel 1DirectiveAMLD6In forceVerifiedOfficial source

1.Member States shall ensure that pecuniary sanctions are imposed on obliged entities for serious, repeated or systematic breaches, whether committed intentionally or negligently, of the requirements laid down in the following provisions of Regulation (EU) 2024/1624:

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55(1)(a)

(a)Chapter II (Internal policies, procedures and controls of obliged entities);

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55(1)(b)

(b)Chapter III (Customer due diligence);

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55(1)(c)

(c)Chapter V (Reporting obligations);

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55(1)(d)

(d)Article 77 (Record retention).

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Member States shall also ensure that pecuniary sanctions can be imposed where obliged entities have not complied with administrative measures applied to them pursuant to Article 56 of this Directive or for breaches that are not serious, repeated or systematic.

55(2)

2.Member States shall ensure that in the cases referred to in paragraph 1, first subparagraph, the maximum pecuniary sanctions that can be imposed amount at least to twice the amount of the benefit derived from the breach where that benefit can be determined, or at least EUR 1 000 000, whichever is higher.

For Member States whose currency is not the euro, the value referred to in the first subparagraph shall be the corresponding value in the national currency on 9 July 2024.

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55(3)

3.Member States shall ensure that, by way of derogation from paragraph 2, where the obliged entity concerned is a credit institution or a financial institution, the following pecuniary sanctions can also be imposed:

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55(3)(a)

(a)in the case of a legal person, maximum pecuniary sanctions of at least EUR 10 000 000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 9 July 2024, or 10 % of the total annual turnover according to the latest available accounts approved by the management body, whichever is higher; where the obliged entity is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial accounts in accordance with Article 22 of Directive 2013/34/EU of the European Parliament and of the Council, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant accounting regime according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking;

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55(3)(b)

(b)in the case of a natural person, maximum pecuniary sanctions of at least EUR 5 000 000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency on 9 July 2024.

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55(4)

4.Member States may empower competent authorities to impose pecuniary sanctions exceeding the amounts referred to in paragraphs 2 and 3.

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55(5)

5.Member States shall ensure that, when determining the amount of the pecuniary sanction, the ability of the obliged entity to pay the sanction is taken into account and that, where the pecuniary sanction may affect compliance with prudential regulation, supervisors consult the authorities competent to supervise compliance by the obliged entities with relevant Union legal acts.

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