The Reporting Cryptoasset Service Providers (Due Diligence and Reporting Requirements) Regulations 2025
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Change 1
15 Penalties for inaccurate or incomplete reports
If a UK reporting cryptoasset service provider makes a report under regulation 6(1) which contains inaccurate information, or which is incomplete, the UK reporting cryptoasset service provider is liable to a penalty not exceeding £100 for each cryptoasset user that is a reportable user or has controlling persons that are reportable persons in respect of which the information in the report is inaccurate or incomplete, where— (a) the inaccuracy or incompleteness is deliberate, (b) the inaccuracy or incompleteness is due to a failure to take reasonable care, or (c) the UK reporting cryptoasset service provider discovers the inaccuracy or incompleteness some time later and fails to take reasonable steps to inform HMRC.
15 Penalties for inaccurate or incomplete reports
If a UK reporting cryptoasset service provider makes a report under regulation 6(1) which contains inaccurate information, or which is incomplete, the UK reporting cryptoasset service provider is liable to a penalty not exceeding £100 for each cryptoasset user that is a reportable user or has controlling persons that are reportable persons in respect of which the information in the report is inaccurate or incomplete, where— (a) the inaccuracy or incompleteness is deliberate, (b) the inaccuracy or incompleteness is due to a failure to take reasonable care, or (c) the UK reporting cryptoasset service provider discovers the inaccuracy or incompleteness some time later and fails to take reasonable steps to inform HMRC.
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