Tag: Disciplinary Procedures

  • 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 are aware of the law relating to money laundering and terrorist financing
    • establishing and maintaining appropriate, risk-sensitive policies and procedures.

    The failures relate to the period between March 2010 and October 2011. The OFT visited IPS premises to check compliance with the Regulations in June 2011 and again in October 2011.

    From the scope of the failures for almost all major areas of compliance to the Regulations you can almost conclude that virtually no compliance of any weight was conducted by the firm with no appropriate management policies and procedures for risk management and the subsequent communication and training of any policies to staff members to fulfill their obligations.

    Kate Pitt, OFT Deputy Director of Anti Money Laundering, said:

    ‘This fine sends out a message to all estate agents that they need to have appropriate measures in place to prevent their business from being used for money laundering or terrorist financing purposes.’

  • ICAEW Disciplinary Consent order made on 3 October 2011

    The followng consent orderwas made by the ICAEW investigation committee

    With the agreement of 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 with respect to a complaint that:

    1 Between 28 September and 3 March 2010 Mr Braysher failed to comply with written assurances he had given on or about 28 September 2006 following a Quality Assurance Visit that he would:

    Under the Money Laundering Regulations 2007:
    a. have procedures in place to perform on-going client due diligence;
    b. attend external training on the money laundering regulations and;
    c. undertake a compliance review.

  • 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.

    Consent Orders made on 1 June 2010

    With the agreement of Andrew Nigel Hamilton of 38 Dean Park Mews, Edinburgh EH4
    1ED, the Investigation Committee made an order that the member be severely
    reprimanded, fined £2,000 and pay costs of £1,080 with respect to a complaint that:

    In February 2007, Mr A N Hamilton FCA acted for X on behalf of his firm, Y, when he
    had failed to verify her identity or keep records of the evidence obtained, contrary to
    section 18 of the anti-money laundering ‘Second Interim Guidance for Accountants’
    D6448

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

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

    Consent Orders made on 28 July 2010

    With the agreement of Michael Martin Shenker of 5Wellesley Court, Apsley Way,
    London NW2 7HF, the Investigation Committee made an order that the member be
    severely reprimanded, fined £5,000 and pay costs of £2,075 with respect to a
    complaint that:

    Between 7 June 2005 and 16 February 2006 Mr M M Shenker FCA failed to comply with
    statement 1.304 of the Members Handbook in that he failed to make a suspicious activity
    report on a timely basis to the National Crime Intelligence Service when he had a
    suspicion or reasonable grounds to suspect that Mr X’s activities in relation to the
    business of Y Limited were unlawful. D6496