Late payment penalties

(1) Where the supervisory authority decides to take disciplinary action against a DNFBP by imposing a late payment penalty on the DNFBP, it shall send the DNFBP a penalty notice stating– (a) the fee or charge in respect of which the late payment penalty is being imposed; and (b) the amount of the penalty. (2) A DNFBP who receives a penalty notice under subregulation (1) shall pay the late payment penalty stated in the notice to the supervisory authority, or appeal the imposition of the penalty under section 22B of the Act, within 30 days of the date of the penalty notice. Money Laundering and 28 Terrorism (Prevention)