The board shall impose the following penalties on every Reporting Financial Institution which fails to comply with a duty or obligation imposed by these Regulations, and according to the following:

1. 1- where a Reporting Financial Institution signs or otherwise positively affirms a false self-certification, to a penalty of twenty five thousand dirham (AED 25,000);
    
2. 2- where a Reporting Financial Institution fails to retain the documentation and information it collected in the course of meeting its reporting and due diligence obligations for a minimum period of five years after the date of reporting to the Authority as per Schedule 1, Section I, Paragraph F., to a penalty often thousand dirham (AED 10,000);
    
3. 3- where a Reporting Financial Institution fails to apply the due diligence procedures specified in Schedule 1, Section II through to Section VII to these Regulations to a penalty of twenty five thousand dirham (AED 25,000);
    
4. 4- where a Reporting Financial Institution fails to report the information required to be reported in terms of these Regulation to a penalty of:
    
   1. A- Ten thousand dirham (AED 10,000); and
      
      B- five hundred dirham (AED 500) for every day during which the failure continues: provided that this penalty shall not exceed in total hundred thousand dirham (AED 100,000);
       
5. 5- where a Reporting Financial Institution fails to report the information required to be reported in terms of these Regulation in a complete and accurate manner, to a penalty of:
    
   1. A- in the case of minor errors -
       
      1. thousand dirham (AED 1,000); and
          
      2. hundred dirham (AED 100) for every day during which failure continues: provided that this penalty shall not exceed in total twenty five thousand dirham (AED 25,000);
          
      B- in the case of significant non-compliance, a penalty of two hundred fifty thousand dirham (AED 250,000);
       
6. 6- Where, notwithstanding any action taken by the Authority under these Regulations, the penalties remain outstanding or the default in respect of which such penalties have been imposed continues to subsist, as the case may be, the Authority may serve further default notices in accordance with these Regulations on the said Reporting Financial Institution imposing with each successive notice double the amount of the said penalties, provided that such penalties shall not exceed in total two hundred fifty thousand dirham (AED 250,000) in respect of each specific default; Provided that each such successive note shall supersede the previous notice served on the Reporting Financial Institution for the same default but any payment made in respect of that previous notice shall be taken into account accordingly.