IEIM905140 | Failure to Comply with Record-Keeping Requirements

Reporting Platform Operators (RPOs) have to keep all records relating to their due diligence procedures. RPOs 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, the RPO will be liable to a penalty of up to £5,000 for the relevant Reportable Period for which the failure occurred.