Administrative penalties

(1) Every reporting financial institution that fails to file an information return as and when required under this Act or under Mutual Administrative Assistance the regulations made under this Act is liable to a penalty of ten thousand dollars for each such failure. (2) Every person who makes a false statement or omission in respect of any information required to be included on an information return, under this Act or under the regulations made under this Act, is liable to a penalty of ten thousand dollars for each such failure, unless in the case of information required in respect of another person, a reasonable effort was made by the person to obtain the information from the other person. (3) Every reporting financial institution that fails to file an information return in the time and manner required under this Act or under the regulations made under this Act is liable to a penalty of ten thousand dollars for each failure. (4) Every person who 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 or under regulations made under this Act is liable to a penalty of five thousand dollars for each such failure.