Section 115 of the Principal Act is amended by the insertion of the following subsection after subsection (1B):

"(1C)

(a) In this subsection, 'payment service provider' has the same meaning as it has in section 85A.

(b) A payment service provider who does not comply with section 85C, 85F or 85G, as the case may be, shall be liable to a penalty of €4,000 in respect of the calendar quarter during which the payment service provider failed to comply with the section concerned and to a further penalty of €4,000 for each subsequent calendar quarter during which that payment service provider has failed to comply with that section.

(c) A payment service provider who does not comply with section 85E shall be liable to a penalty of €4,000.".