Notice of intention to take disciplinary action

(1) Where it intends to take disciplinary action against a DNFBP, other than by imposing a late payment penalty on the DNFBP, the supervisory authority shall send a notice of its intention to the DNFBP– (a) specifying– (i) the alleged disciplinary violation and the relevant facts surrounding the violation; and (ii) the amount of the penalty that it intends to impose; and (b) advising the DNFBP of his right to make written representations to the supervisory authority in accordance with subregulation (2). (2) A DNFBP who receives a notice under subregulation (1) may, within 30 days of the date upon which he receives the Money Laundering and 26 Terrorism (Prevention) notice, send written representations to the supervisory (a) denying that he has committed the alleged disciplinary violation or disputing the facts of the alleged disciplinary violation; or (b) providing reasons that he considers justify the imposition of a lower penalty.