Explore European Union Legislation by Asking a Legal Question
assisted-checkbox
filter-instruction-1
positive-filters
negative-filters
act-filter tabs-all
parameters-title
query
assisted-checkbox: ✅
result-title
total 1
Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (Text with EEA relevance) article 68 CELEX: 32024R1624 Penalties
1. Member States shall lay down rules on the penalties applicable to breaches of the provisions of this Chapter and shall take all measures necessary to ensure that they are implemented. The penalties provided for shall be effective, proportionate and dissuasive. Member States shall by 10 January 2025 notify the Commission of those rules on penalties together with their legal basis and shall notify it, without delay, of any subsequent amendment affecting them. 2. By 10 July 2026, the Commission shall adopt delegated acts in accordance with Article 85 to supplement this Regulation by defining: (a) the categories of breaches that are subject to penalties and the persons liable for such breaches; (b) indicators to classify the level of gravity of breaches that are subject to penalties; (c) the criteria to be taken into account when setting the level of penalties. The Commission shall regularly review the delegated act referred to in the first subparagraph to ensure that it identifies the relevant categories of breaches and that the related penalties are effective, dissuasive and proportionate. |