Supervisory authority may take disciplinary action

(1) The supervisory authority may take disciplinary action against a DNFBP under this regulation where it is satisfied that the DNFBP has committed a disciplinary violation. (2) The supervisory authority takes disciplinary action against a DNFBP by imposing an administrative penalty on the Money Laundering and Terrorism (Prevention) 25 (3) Disciplinary action may not be taken against a DNFBP in respect of a disciplinary violation committed more than 2 years prior to the date upon which the supervisory authority sends a notice to the DNFBP under regulation 14 or 16. (4) If the conduct or omission that constitutes a disciplinary violation also constitutes an offence– (a) the taking of disciplinary action against a DNFBP does not prevent the DNFBP being also prosecuted for the offence; and (b) the prosecution of a DNFBP for the offence does not prevent the taking of disciplinary action against the DNFBP.