- 13 - CHAPTER 2 – COMPETENT AUTHORITIES Section 1 – Competence of Supervisory Authorities Article 14 Supervisory authorities shall regulate, supervise and monitor compliance by financial institutions and designated non-financial businesses and professions with the requirements set forth in this Law, its Executive Regulation or any relevant Ministerial decisions or instructions and shall have the following powers and duties: (1) to collect information and other data from financial institutions and designated nonfinancial businesses and professions and to conduct on-site examinations. Supervisory authorities may delegate the powers under this paragraph to third parties; (2) to compel financial institutions or designated non-financial businesses and professions to provide any information and copies of documents and files however and wherever stored, including documents held outside their buildings. (3) to apply measures and impose sanctions against financial institutions and designated nonfinancial businesses and professions for non-compliance to the provisions of this Law and to report them to the Unit. (4) to issue ministerial decisions and instructions to assist financial institutions and designated non-financial businesses and professions in complying with their obligations; (5) to cooperate and share information with other competent authorities or any foreign authority concerned with combating money laundering or terrorism financing; (6) to verify that foreign branches and majority owned subsidiaries of financial institutions and designated non-financial businesses and professions adopt and enforce measures consistent with this Law to the extent permitted by the laws of the host country; (7) to promptly notify the Unit of transactions or facts that could be related to money laundering, terrorism financing or predicate offenses; (8) to establish and apply efficiency and adequacy processes, including standards relating to the experience and integrity of board members, executive or supervisory management members or directors of financial institutions; (9) to establish and apply standards for owning or controlling significant shares of financial institutions and designated non-financial businesses and professions, including the beneficial ownership or the direct or indirect participation in the management, administration or operation thereof; (10) to maintain statistics concerning measures adopted and sanctions imposed as prescribed by supervisory authorities; and (11) to determine the type and extent of measures to be taken by financial institutions and designated non-financial businesses and professions under Article 10, according to the risk of money laundering and terrorism financing and the size of the business. Article 15 If a financial institution or designated non-financial business and profession or any of its directors, board members, executive or supervisory management members is found to have