109Z.— (1) The amount of a financial penalty imposed as an administrative sanction on a relevant provider under this Chapter shall not exceed the greater of–

(a) where the benefit derived from the breach can be determined, at least twice the amount of the benefit so derived, or

(b) €1,000,000.

(2) In determining the amount of a financial penalty imposed as an administrative sanction on a relevant provider under this Chapter, regard shall be had to–

(a) all relevant circumstances, including the matters specified in section 109M(2),

(b) any regulatory technical standards adopted by the European Commission under Article 53(10) of the Sixth Money Laundering Directive, and

(c) any guidelines issued by the Authority under Article 53(11) of the Sixth Money Laundering Directive.

(3) The amount of a financial penalty imposed shall–

(a) be proportionate to the nature of the breach,

(b) act as a sufficient incentive to ensure future compliance by the relevant provider, and other providers, with relevant obligations, and

(c) be set with a view to deterring the relevant provider, and other providers, from breaching relevant obligations.

(4) The amount of a financial penalty imposed as an administrative sanction shall not–

(a) in the case of an individual, be such as would be likely to cause the individual to be unable to pay his or her debts as they fall due, or

(b) in the case of a relevant provider that is not an individual, be such as would be likely to cause the provider to cease trading.

(5) The Minister may prescribe specific factors, criteria or methodology relevant to the determination of the amount of the financial penalty for the purposes of this section.

(6) In this section, “Sixth Money Laundering Directive” means Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024¹ on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Directive (EU) 2019/1937, and amending and repealing Directive (EU) 2015/849.]