Recital 27

(27) Infringements of the provisions introduced by this amending Regulation should be subject to penalties, imposed by the competent authorities or judicial authorities of the Member States. Such penalties should be effective, proportionate and dissuasive. To facilitate mutual trust among PSPs and among the relevant competent authorities in the uniform and thorough implementation of a harmonised approach to compliance with PSP obligations stemming from targeted financial restrictive measures, it is in particular appropriate to harmonise a mutual standard across the Union for the ceiling of the penalties to be imposed for the infringement by PSPs of their obligations to verify whether their PSUs are persons or entities subject to targeted financial restrictive measures. It should be possible to impose penalties not only on PSPs, but also on natural persons who are members of the senior management or management body of a PSP.

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Source: EUR-Lex CELLAR · retrieved 2026-08-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.