Penalty for failure to file SFT may trigger administrative notice, escalating daily penalties and liability for inaccuracies. Non-furnishing of a statement of financial transactions or reportable account attracts a daily penalty; tax authorities may issue an administrative notice requiring filing within a specified period, after which a higher daily penalty applies. Reporting financial institutions face penalties for inaccuracies caused by false or inaccurate information from account holders and may recover such penalty amounts from the holder of the reportable account.