(1) If a Reporting Saint Lucia Financial Institution becomes liable to a penalty, the Competent Authority shall —
(a) assess the penalty; and
(b) notify the person of the assessment.
(2) An assessment of a penalty shall be made within the period of 12 months beginning with the date on which —
(a) the Reporting Saint Lucia Financial Institution became liable to the penalty; or
(b) the inaccuracy first came to the attention of the Competent Authority.