So, we’ve recently had two clients that received fines from the DITC for non-compliance with CRS and FATCA filings. Range of filings were $70,000 to $120,000. 100% avoidable if they had just been compliant. I think the point being here is once you get the notice, it’s kind of late, but you can hopefully negotiate down some of those fines. And then we’ve had other instance, haven’t we, where clients have got notices where they’ve been fined because they’ve not done their ES returns, different to CRS, but still the DITC and where we’ve gone back with a with an attorney’s letter to the DITC and said they’ve miscategorized themselves or potentially have missed the filing deadline. you know, completely at their mistake. The DITC have actually been quite open to either waving or negotiating the fee. The same with the FATCA / CRS stuff, right? Moral of the story is it’s cheaper to be compliant than to put your head in the sand.
