Formal sounding word or phrase for "punish"

In my writing I encounter topics about regulations and I am forced to use the word "punish" very frequently. The tone of my writing should be formal / professional, and I am at my wit's end as to how to introduce much needed word variety -- seeing as all the synonyms that the thesaurus and my brain can think of do not have the right level of formality.

• spank
• chastise (formal, but now its overkill)
• crack down

This is merely for the general case, but for illustrations sake, consider:

The regulator _______ the company citing insufficient due diligence.

Question

My last iota of hope hinges on some phrase that retains a formal style that has the appropriate meaning. Thesauruses are not always robust to such phrases, so perhaps the greater community here will have some ideas.

Castigate can be used. It is a formal synonym for punish.
Dictionary Defenition:
cas·ti·gate - verb (used with object)
1. To criticize or reprimand severely
2. To punish in order to correct.

At the most formal level (used in parliamentary procedure): censure

1 : a judgment involving condemnation unorthodox practices awaiting the censure of the city council

2 : the act of blaming or condemning sternly The country faces international censure for its alleged involvement in the assassination.

3 : an official reprimand The lawyer's misconduct resulted in a letter of censure from the judge.

Source: merriam-webster.com

Other good options include: Rebuke, Reprimand, Reproach