FIAU to Publish Information on Administrative Penalties Exceeding €50,000

The Financial Intelligence Analysis Unit (FIAU) will now publish information on administrative penalties exceeding €50,000 imposed on natural or legal persons engaging in relevant activities or financial businesses. This new policy aims to ensure transparency and accountability in the administration of financial penalties while also protecting the stability of financial markets and ensuring the effective supervision of relevant activities and financial businesses.

Essential Details

According to the new policy, publication notices will include the following essential details:

• The identity of the subject person, including full name and identification document number or registration number
• The type of activity or financial business involved
• The date of imposition of the administrative penalty
• The value of the penalty imposed
• Details of any other administrative measure taken concurrently
• A reference to the relevant law, order, or directive that was not complied with
• A summary of the facts leading to the imposition of the penalty
• Information on whether the contravention is serious, repeated, or systematic

Timing and Medium of Publication

The FIAU will publish the information within five working days from the date of notification to the subject person. The publications will be accessible on the FIAU’s website, clearly visible and easily accessible.

Period of Publication

Publication notices and appeal decision notices will remain posted on the FIAU website for a period of five years from the date of publication. After this period, they will be removed from the website.

However, if an administrative penalty is revoked in its entirety or altered to the extent that it no longer exceeds €50,000, the publication notice and appeal decision notice will remain posted on the FIAU website for a period of one year from the date of publication, after which they will be removed.

Exceptions and Exemptions

The FIAU may delay, publish anonymously, or not publish an administrative penalty or measure if it believes that publication could jeopardize financial market stability or ongoing supervisory, analytical, or investigative work. The decision to do so will be made on a case-by-case basis, taking into account factors such as the severity and effects of publication.

Revocation of Previous Policies

The previous policies and procedures on the publication of AML/CFT penalties approved by the Board of Governors of the FIAU on May 27, 2015, revised on December 22, 2017, and February 7, 2020, are revoked and replaced by these new policies. The revocation will not affect the validity of previous publications made by the FIAU in accordance with the previous policies.