(1) A designated person shall report to the Garda Síochána and Revenue Commissioners any service or transaction, that -
(a) the designated person provides or carries out in the course of carrying on business as a designated person, and
(b) is connected with a place that is designated under section 32.
(2) A person who fails to comply with this section commits an offence and is liable -
(a) on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months (or both), or
(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both).