The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

The Commissioners: disciplinary measures (procedure)

83.—(1) When determining the type of sanction, and level of any penalty, to be imposed on a person (“P”) under regulation 76 or 78, the Commissioners must take into account all relevant circumstances, including where appropriate—

(a) the gravity and the duration of the contravention or failure;

(b) the degree of responsibility of P;

(c) the financial strength of P;

(d) the amount of profits gained or losses avoided by P;

(e) the losses for third parties caused by the contravention or failure;

(f) the level of co-operation of P with the Commissioners;

(g) previous contraventions or failures by P; and

(h) any potential systemic consequences of the contravention or failure.

(2) Where the Commissioners decide to impose a penalty or publish a statement under regulation 76, or impose a prohibition under regulation 78, the Commissioners must give P a notice in accordance with paragraph (3).

(3) A notice must be given of—

(a) the Commissioners’ decision—

(i) to impose a penalty, and the amount of the penalty;

(ii) to publish a statement, and the terms of the statement;

(iii) to impose a prohibition, and the terms of the prohibition;

(b) the Commissioners’ reasons for imposing a penalty, publishing a statement or imposing a prohibition;

(c) the right to a review under regulation 94; and

(d) the right to appeal under regulation 99.

(4) A notice about a penalty must—

(a) state the manner in which and the period within which, the penalty is to be paid;

(b) give details of the way in which the penalty may be recovered if it is not paid by the date stated in the notice.