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Excerpts from FAA's UAS Registration Q&A (FAQs)
All small unmanned aircraft that meet the registration criteria must be registered prior to operation outdoors. If you operated your small unmanned aircraft UAS before Dec. 21, 2015, the FAA provided a grace period during which you were permitted to continue operations without registering the aircraft. However, beginning February 19, 2016, all small unmanned aircraft owners must register their aircraft if they wish to continue to operate outdoors.
Failure to register an aircraft may result in regulatory and criminal sanctions. The FAA may assess civil penalties up to $27,500. Criminal penalties include fines of up to $250,000 and/or imprisonment for up to three years.