SolvedIEIM405113 | Penalties for Failure to Comply with Record-Keeping Requirements
From HM Revenue & Customs · International Exchange of Information Manual
Penalties for Failure to Comply with Record-Keeping Requirements
Reporting Financial Institutions have to keep all records relating to their due diligence procedures. Reporting Financial Institutions should retain this information for a period of five years after the end of the Reportable Period to which the records relate.
Where record keeping failures are established a penalty of up to £5,000 may apply for each Reportable Period in respect of which one or more failures have occurred.