# The International Tax Compliance Regulations 2015, Regulation 22B: Penalties for failure to comply with record-keeping requirements


(1) If a reporting financial institution or UK representative fails to comply with regulation 3(2A) or 3(2B) (record-keeping), the reporting financial institution or UK representative is liable to a penalty not exceeding £5,000 for each reportable period in respect of which one or more failures have occurred.
(2) A failure has occurred in respect of a reportable period if the failure pertains to records which relate to that reportable period for the purposes of regulation 3(1), 3(2) or 3(3).

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Source: https://www.legislation.gov.uk/uksi/2015/878/regulation/22B (the official version)
Page: https://openlegislation.uk/international-tax-compliance-regulations-2015/regulation-22B
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.