(1) The holder of an authorisation commits an offence if the holder fails to comply with -
(a) any condition of the authorisation, or
(b) any prescribed requirements.
(2) A person who commits an offence under this section is liable -
(a) on summary conviction, to a fine not exceeding €2,000, or
(b) on conviction on indictment, to a fine not exceeding €100,000.
(3) The Minister may prescribe requirements for the purposes of subsection (1) (b) only if the Minister is satisfied that it is necessary to do so for the proper and orderly regulation of the business of trust or company service providers and, in particular, for preventing such businesses from being used to carry out money laundering or terrorist financing.