Penalty for inaccurate reporting: failure of due diligence or non notification may attract a directed monetary penalty. The prescribed income tax authority may direct payment of a monetary penalty where a reporting financial institution furnishes an inaccurate statement of financial transaction or reportable account arising from non compliance with the statutory due diligence requirement or deliberate action; where the person knows of the inaccuracy at furnishing and fails to notify the authority; or where the person discovers the inaccuracy post furnishing and fails to inform and furnish corrected information within the prescribed correction period.