If a Reporting Financial Institution becomes liable to a penalty under article (5), the Authority shall:
assess the penalty, and
notify the Reporting Financial Institution of the assessment.
An assessment of a penalty under article (5) shall be made within the period of twelve (12) months beginning with the date on which
the Reporting Financial Institution became liable to the penalty, or
the inaccuracy first came to the attention of the Authority.
A Reporting Financial Institution may appeal against a penalty assessment
on the grounds that liability to a penalty under article (5) does not arise, or
as to the amount of such a penalty.
Notice of an appeal under section (3) of this article shall
be provided to the Board, in writing, before the end of the period thirty (30) calendar days beginning with the date on which notification section (1) of this article was provided, and
set out the grounds of appeal.
On an appeal under section (4) of this article that is notified to the Authority, the Board may confirm or cancel the assessment.
On appeal under section (4) of this article that is notified to the Authority, the Board may confirm the assessment or substitute another assessment that the Authority had power to make.
The Authority shall have a maximum of sixty (60) calendar days in which to consider the appeal. If the Authority fails to give written notice of its decision for the appeal, then the appeal will be deemed to have been successful.
A penalty under article (5) of these Regulations shall be paid to the Authority within thirty (30) calendar days after
the date on which notification under section (1) of this article is provided in respect of the penalty, or
the date on which an appeal against a penalty assessment pursuant to Subarticle (2) of this article is finally determined or withdrawn.