Document ID: chunk:federal_register_of_legislation:C2019C00094:clause:1_2
Version: federal_register_of_legislation:C2019C00094
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 8630–9719

2  After section 288‑80 in Schedule 1
Insert:

288‑85  Failure by Reporting Financial Institution to obtain self‑certification
  An entity that:
 (a) is:
 (i) a Reporting Financial Institution (within the meaning of the *CRS); or
 (ii) an institution that a notice under subsection 396‑130(5) requires to act as a Reporting Financial Institution; and
 (b) is required to obtain a self‑certification, in relation to an account maintained by the institution, when applying the due diligence procedures described in the CRS; and
 (c) fails to obtain the self‑certification:
 (i) if the account is a Reportable Account (within the meaning of the CRS) or an account that a notice under subsection 396‑130(2) requires the entity to treat as a Reportable Account—by the time by which a statement under subsection 396‑105(2) relating to the account must be given to the Commissioner; or
 (ii) otherwise—by the time by which such a statement would be required to be given to the Commissioner if the account were such a Reportable Account;
is liable to an administrative penalty of 1 penalty unit.