Part 1: Registration of Overseas Entities Obtaining, updating and verifying information Section 15: Failure to comply with notice under section 12 or 13
Any individual who does not comply with an information notice (as set out in sections 12 and 13) commits an offence unless they have a reasonable excuse for not complying with the notice (subsection (1)). An offence is also committed if a person appears to comply with the notice but makes a statement that they know is false or if they recklessly make a statement that is false in a material way (subsection (2)).
	In some cases a notice may have been sent to a legal entity. Should a legal entity fail to respond to the notice the offence is committed by every officer of the entity in default (subsection (3)).
	Subsection (4) provides that an offence is not committed if the person can prove that the requirement to give information was frivolous or vexatious. This test is likely to be met for example if the overseas entity repeatedly sends to a notice to a person where it has no reasonable cause to believe that the person is their beneficial owner or can assist that entity in identifying its beneficial owners.
	Subsection (5) provides that a person guilty of an offence under this section may be subject to imprisonment and/or a fine. For England and Wales, on summary conviction, person is liable to the maximum summary term for an either-way offence, or a fine, or both. Subsection (6) defines "the maximum summary term for either-way offences" as being six months, if paragraph 24(2) of Schedule 22 to the Sentencing Act 2020 has not yet come into force, or 12 months if it has. Maximum liability in Scotland is 12 months imprisonment and or a fine which does not exceed the statutory maximum. For Northern Ireland, the liability extends to six months imprisonment and or a fine not exceeding the statutory maximum. If a person is convicted on indictment for an offence under this section, they are liable up to a two-year term of imprisonment and or a fine.