IEIM405118 - Penalties for Failure to Provide a Valid Self-Certification
Penalties for Failure to Provide a Valid Self-Certification
Where an Individual Account Holder, Entity Account Holder or Controlling Person (a self-certification provider) is requested to provide a self-certification by a Reporting Financial Institution, then the self-certification provider must provide a valid self-certification in accordance with the CRS and/or FATCA Agreement respectively.
If the self-certification provider fails to provide a valid self-certification, they are liable to a penalty of up to £300 if the failure is deliberate or due to a failure to take reasonable care.