International Exchange of Information Manual

IEIM405120 - Compliance: Duplication of Penalties

Compliance: Duplication of Penalties

Where a Reporting Financial Institution may be liable to more than one penalty for failing to keep records, failing to carry out due diligence procedures and reporting incorrect or incomplete information under IEIM405113, IEIM405115 and IEIM405116, the Reporting Financial Institution will not receive more than one penalty for the same act or omission. Rather, they will be subject to a penalty which is considered by HMRC to be appropriate in the circumstances.