Category: Professional Bodies

CCAB issues a reminder for practitioners to stay vigilant over money laundering

The Consultative Committee of Accountancy Bodies (CCAB) has published a useful guidance document reminding accounting service providers (oblige practitioners) of the importance of safe-guarding against money laundering.

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SmartSearch Gains ICAEW Affinity Statue

martSearch are the preferred supplier of KYC and AML solutions for the Institute of Chartered Accounts England & Wales, we work with many of the largest Accountancy Firms, providing a total solution for Accounting Firms for Know Your Customer and Customer Due Diligence.

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OFT fines Leicester-based estate agent almost twelve thousand pounds

The OFT, in its first formal Regulatory penalty, has fined Leicester-based IPS Estate Agents Limited £11,844 for failing to comply with anti-money laundering regulations. IPS failed to comply with a number of requirements under the Money Laundering Regulations 2007, including those relating to: verifying the identity of customers keeping appropriate records ensuring that relevant staff

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Coutts fined for failings in money laundering controls

Private bank Coutts has been fined £8.75m by the Financial Services Authority (FSA) for not taking adequate measures to prevent money laundering. The FSA said the failings “resulted in an unacceptable risk of Coutts handling the proceeds of crime”. The findings related to high-risk people, especially those whose political positions meant they were vulnerable to

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ICAEW Disciplinary Consent order made on 3 October 2011

Richard Braysher of 2 High Road, Eastcote, Pinner, Middlesex, HA5 2EW, the Investigation Committee made an order that the member be severely reprimanded, fined £5,000 and pay costs of £1,280

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Former ATT President Charged With Tax Fraud

Andrew Meeson, the former President of the Association of Taxation Technicians and three of his business associates who administered a pension scheme, have been charged with stealing £5million through a tax fraud targeting the pension industry.

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12.05.11 ICAEW Fine Accountant £5,000 for breach

At a Disciplininary Council meeting a Mr P R Honeywell FCA was found to have failed to comply with Money Laundering Regulations 2007 in that, following a practice assurance visit, he failed to:
(i) document a client due diligence review; and
(ii) identify clients for whom his firm, Honeywell (Monmouth) Limited, provides payroll services.

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30.11.10 Accountant fined £1,080 for a failure to verify a client

The ICAEW has made the following regulatory decision in a case for a failure to verify a client in accordance with the Money Laundering Regulations.

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30.11.10 Accountant fined £5,000 for a failure to report

The ICAEW made has made a regulatory decision in a case for a failure to make a suspicious activity report in a timely basis

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10.08.10 External consultants cannot act as a Nominated Officer under Money Laundering Regulations

The Financial Services Authority (FSA) has recently censured and banned three directors from acting as senior managers for failing to meet their supervisory standards

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