(1) A Reporting Financial Institution or a person who fails to comply with a duty or obligation imposed under this Act or Regulations is liable to a penalty of five thousand dollars for such failure and a penalty of two thousand dollars for each month or part of the month that the failure continues. (Substituted by Act 7 of 2018)
(2) A Reporting Financial Institution that makes a false statement or omission in respect of information required to be included on a return, under this Act is liable to a penalty of $50,000.
(3) A Reporting Financial Institution that does not comply with the requirement of the competent authority in the exercise or performance of the competent authority's powers or duties under this Act is liable to a penalty of $50,000.