Penalties for breach of obligations
FATCA agreement penalty: non-participating financial institutions16.
(1)
In relation to payments that are required to be identified under regulation 9(2), F1a reporting financial institution or a UK representative is liable to—
(a)
a penalty of £300 for each failure to report a payment, and
(b)
a penalty of £300 for each failure to set out a payment accurately in a report made under regulation 9.
(2)
But in relation to a calendar year, F2a reporting financial institution’s or UK representative’s liability for penalties under this regulation is subject to a limit of £3000.