There are three types of reporting violations that are subject to penalty:
-Willful failure to file a report
-Providing false information
-Unauthorized disclosure of information
For failing to file a report or providing false information, individuals could be subject to a fine of $500 per day, up to $10,000, and up to 2 years in prison.
FinCEN Beneficial Ownership Information should only be available to authorized law enforcement agencies and financial institutions. The penalty for anyone with access to this information disclosing it without proper authorization is a fine of $500 per day, up to $25,000, and up to 5 years in prison.