Central Bank Act 1997

F16[Offences under section 25 or 26.

27

27.—(1) A regulated financial service provider who fails to comply with a requirement of section 25 or 26 commits an offence and is—

(a) if tried summarily, liable on conviction to a fine not exceeding €2,000, or

(b) if tried on indictment, liable on conviction to a fine not exceeding €75,000.

(2) A regulated financial service provider who, having been convicted of an offence of failing to comply with a requirement of section 25 or 26, continues to fail to comply with the requirement commits a further offence on each day or part of a day during which the failure continues after that conviction and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €200 for each such day or part of a day, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €7,500 for each such day or part of a day.

(3) If a regulated financial service provider that is a body corporate commits an offence under subsection (1) or (2), each person who, at the time when the offence is found to have been committed, was concerned in the management of the body commits a separate offence, unless the person establishes that—

(a) the body committed the offence without the person's knowledge, or

(b) although the person did have that knowledge, the person took all reasonably practicable steps to prevent the commission of the offence.

(4) A person may be charged with having committed an offence under subsection (3) even if the financial service provider concerned is not charged with having committed an offence under subsection (1) in relation to the same matter.

(5) A person who is convicted of an offence under subsection (3) is liable to a fine not exceeding that prescribed by subsection (1) or (2) for a regulated financial service provider.]

F17[(6) (a) Subsection (1) does not apply if the regulated financial service provider concerned has a reasonable excuse.

(b) It is a reasonable excuse for the purposes of paragraph (a) for a regulated financial service provider to fail to comply with a requirement under section 25 or 26 that such compliance might tend to incriminate the regulated financial service provider.

(c) Paragraph (b) does not limit what is a reasonable excuse for the purposes of paragraph (a).]

Annotations:

Amendments:

F16

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 26, S.I. No. 455 of 2004, art. 2 and sch. part 1(a).

F17

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 79, S.I. No. 287 of 2013.

Editorial Notes:

E11

A fine of €2,000 translates into a class C fine, not exceeding €2,500, as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 6(3) and table ref. no. 1, S.I. No. 662 of 2010.

E12

A fine of €200 translates into a class E fine, not exceeding €500, as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 8(3) and table ref. no. 1, S.I. No. 662 of 2010.