Article 29 — Specific provisions
Financial crimeLevel 1RegulationToFRStage: AdoptedStage 3 of 3: Proposal → Agreed → AdoptedVerifiedIdentical to the official source.Official source
Member States shall ensure that their administrative sanctions and measures include at least those laid down in Article 59(2) and (3) of Directive (EU) 2015/849 in the event of the following breaches of this Regulation:
29(a)
(a)repeated or systematic failure by a payment service provider to accompany the transfer of funds with the required information on the payer or the payee, in breach of Article 4, 5 or 6, or by a crypto-asset service provider to accompany the transfer of crypto-assets with the required information on the originator and beneficiary, in breach of Article 14 or 15;
Copy link29(b)
(b)repeated, systematic or serious failure by a payment service provider or crypto-asset service provider to retain records, in breach of Article 26;
Copy link29(c)
(c)failure by a payment service provider to implement effective risk-based procedures, in breach of Article 8 or 12, or by a crypto-asset service provider to implement effective risk-based procedures, in breach of Article 17;
Copy link29(d)
(d)serious failure by an intermediary payment service provider to comply with Article 11 or 12 or by an intermediary crypto-asset service provider to comply with Article 19, 20 or 21.
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