Disciplinary action

(1) After the expiration of 30 days from the date that the supervisory authority sent a notice under regulation 14 to a DNFBP, the supervisory authority may take disciplinary action against that DNFBP by sending him a penalty notice stating– (a) the disciplinary violation in respect of which the notice is issued; (b) the date on which notice of intention to take disciplinary action in respect of that violation was sent to the DNFBP; (c) the amount of the administrative penalty imposed; (d) a date, not less than 30 days after the date of the penalty notice, by which the administrative penalty shall be paid to the supervisory authority; and (e) that if the DNFBP does not pay the administrative penalty or exercise his rights of appeal under section 22B of the Act, on or before the date referred to in paragraph (d), the shall be to have committed the disciplinary violation and be liable for the penalty set out in the notice. Money Laundering and Terrorism (Prevention) 27 (2) The penalty imposed in a penalty notice shall not exceed the amount specified in the notice of intention sent under regulation 14. (3) Before taking disciplinary action against a DNFBP under subregulation (1), the supervisory authority shall– (a) consider any written representations that it has received from the DNFBP and, where it receives such representations, it shall provide reasons for the action that it takes; and (b) in the case of a DNFBP that is licensed or regulated, consult with the regulator in accordance with regulation 20. (4) A DNFBP who receives a penalty notice under subregulation (1) shall pay the penalty stated to the supervisory authority, or appeal the imposition of the penalty under section 22B of the Act, on or before the date specified in the notice.