(1) If a Reporting Financial Institution becomes liable to a penalty, the competent authority shall —
(a) assess the penalty; and
(b) notify the Reporting Financial Institution in writing of the assessment.
(2) An assessment of a penalty shall be made within the period of twelve months beginning with the date on which —
(a) the Reporting Financial Institution became liable to the penalty; or
(b) the inaccuracy first came to the attention of the competent authority.