1. Member States shall ensure that pecuniary sanctions are imposed on obliged entities for serious, repeated or systematic breaches, whether committed intentionally or negligently, of the requirements laid down in the following provisions of Regulation (EU) 2024/1624:

(a) Chapter II (Internal policies, procedures and controls of obliged entities);

(b) Chapter III (Customer due diligence);

(c) Chapter V (Reporting obligations);

(d) Article 77 (Record retention).

Member States shall also ensure that pecuniary sanctions can be imposed where obliged entities have not complied with administrative measures applied to them pursuant to Article 56 of this Directive or for breaches that are not serious, repeated or systematic.

2. Member States shall ensure that in the cases referred to in paragraph 1, first subparagraph, the maximum pecuniary sanctions that can be imposed amount at least to twice the amount of the benefit derived from the breach where that benefit can be determined, or at least EUR 1 000 000, whichever is higher.

For Member States whose currency is not the euro, the value referred to in the first subparagraph shall be the corresponding value in the national currency on 9 July 2024.