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Section 400 OffencesI1C1C2C3C4

(1)

A financial institution commits an offence if without reasonable excuse it fails to comply with a requirement imposed on it under a customer information order.

(2)

A financial institution guilty of an offence under subsection (1) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.

(3)

A financial institution commits an offence if, in purported compliance with a customer information order, it—

(a)

makes a statement which it knows to be false or misleading in a material particular, or

(b)

recklessly makes a statement which is false or misleading in a material particular.

(4)

A financial institution guilty of an offence under subsection (3) is liable—

(a)

on summary conviction, to a fine not exceeding the statutory maximum, or

(b)

on conviction on indictment, to a fine.

Annotations

Modifications

C1

S. 400 applied (1.4.2003) by The Proceeds of Crime Act 2002 (Investigations in different parts of the United Kingdom) Order 2003 (S.I. 2003/425), arts. 1, 10(2), 20(2), 29(1)(2), 30(1)(2)

C2

S. 400 applied (1.4.2003) by The Proceeds of Crime Act 2002 (Investigations in different parts of the United Kingdom) Order 2003 (S.I. 2003/425), arts. 1, 20(2)

C3

S. 400 applied (1.4.2003) by The Proceeds of Crime Act 2002 (Investigations in different parts of the United Kingdom) Order 2003 (S.I. 2003/425), arts. 1, 30(1), (2)

C4

S. 400 applied (1.4.2003) by The Proceeds of Crime Act 2002 (Investigations in different parts of the United Kingdom) Order 2003 (S.I. 2003/425), arts. 1, 29(1), (2)

Commencement

I1

S. 400 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)