Paragraph 3 Due diligence and record-keeping
United Kingdom
(1)
The Treasury may by regulations make provision requiring a relevant data-holder to—
(a)
take specified steps to verify relevant data before providing them to HMRC,
(b)
keep a record of—
(i)
the relevant data, and
(ii)
the steps taken by the relevant data-holder under paragraph (a) in relation to the relevant data, and
(c)
preserve those records for a specified period.
(2)
In this paragraph “relevant data” means data that a relevant-data holder is required by regulations under paragraph 1 to provide to HMRC.