Amendment of regulation 13 (penalties for failure to comply with Regulations)

10.  For regulation 13(1) substitute—

“13.— (1) If a reporting financial institution or UK representative fails to comply with any obligation under regulations 2 to 11 or regulation 12G, the institution or representative is liable to a penalty of £300.

(2) If a specified financial institution or specified relevant person fails to comply with any obligation under regulations 12B to 12E, the institution or person is liable to a penalty of £3,000.

(3) If a specified financial institution or specified relevant person fails to comply with any obligation under regulation 12G, the institution or person is liable to a penalty of £300.”.

(1)

Regulation 13 was substituted by S.I. 2016/899.