(1) The holder of an authorisation shall take reasonable steps to ensure that the following persons are fit and proper persons:
(a) in a case where the holder of the authorisation is a body corporate, a partnership or an individual carrying on business as a trust or company service provider as a partner in a partnership, any principal officer of the body corporate or partnership (as the case may be);
(b) any person who is a beneficial owner of the business concerned.
(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.