Article 29 Specific provisions

Article 29 works in conjunction with Article 28, which establishes the general framework for administrative sanctions.

This article drills down into the specific breaches that must trigger sanctions, setting the minimum categories of conduct that Member States are required to cover.

It spans both payment service providers and crypto-asset service providers, as well as intermediary actors in both spaces, ensuring that the sanctioning regime applies across the full chain of transfer activity.

Important points:

• Member States must ensure their sanctions regimes cover at minimum the four categories of breach defined in this article, which cover failures around accompanying transfers with required information, record retention, risk-based procedures, and serious failures by intermediaries.
• Sanctions apply to payment service providers, crypto-asset service providers, and their respective intermediaries, meaning all actors in a transfer chain face exposure.
• The threshold for a sanctionable breach varies by type: some require repeated or systematic failure, while others require only a single serious failure.