Finance Act 2024

• Permanent Page URL

Amendment of section 115 of Principal Act (penalties generally)

84. Section 115 of the Principal Act is amended by the insertion of the following subsection after subsection (1B):

“(1C) (a) In this subsection, ‘payment service provider’ has the same meaning as it has in section 85A.

(b) A payment service provider who does not comply with section 85C, 85F or 85G, as the case may be, shall be liable to a penalty of €4,000 in respect of the calendar quarter during which the payment service provider failed to comply with the section concerned and to a further penalty of €4,000 for each subsequent calendar quarter during which that payment service provider has failed to comply with that section.

(c) A payment service provider who does not comply with section 85E shall be liable to a penalty of €4,000.”.