12.01 – Minor errors

In the event that the information reported is corrupted or incomplete, the recipient jurisdiction has reason to believe that administrative errors or other minor errors have led to incorrect or incomplete information reporting the competent authority of that jurisdiction may make an inquiry directly to a Reporting UK Financial Institution.

Examples of minor errors could include:

a) Data fields missing or incomplete;

b) Data that has been corrupted;

c) Use of an incompatible format.

Where this leads to the information having to be resubmitted this will be via HMRC.

Continual and repeated administrative or minor errors could be considered as significant non-compliance where they continually and repeatedly disrupt and prevent the transfer of the information.

If a Reporting UK Financial Institution is approached by the Competent Authority of the receiving jurisdiction to resolve an error that is NOT minor or administrative, or that on review proves to be significant in nature, then they should bring the matter to the attention of HMRC.