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Since EY UK likely monitors this space and has a list of those recently selected for this testing you should strongly consider self reporting if you can get comfortable the sanctions are tolerable.
Or if an EY UK person seeing this gives them a heads up
Do you have to pick up any income from this account on your tax return?
If they ask for tax returns, I would guess that would include the return, if any, in the other country.
They will ask for investment accounts statements. I suppose you could just not give them that one, but if they do find it, you are going be screwed.
Up to you if you want to play that game or not.