(1) The holder of a registration shall take reasonable steps to ascertain that any person who is a beneficial owner of the virtual asset service provider concerned is a fit and proper person.
(2) A person who contravenes subsection (1) commits an offence.
(3) A person who commits an offence under this section is liable -
(a) on summary conviction, to a class C fine, or
(b) on conviction on indictment, to a fine not exceeding €100,000.