Disciplinary outcome: Ashok Patel
Order by consent
In the matter of
Mr Ashok Patel MAAT
Membership number
10232449
Date
19 August 2024
Misconduct
Ashok Patel’s professional or personal conduct, was found to be in breach of the Code of Professional Ethics and to have posed a risk to the public or was likely to undermine public confidence in the Association or its members; namely:
1. He failed to comply with his obligations under the relevant Money Laundering Regulations while providing accountancy services to the public, specifically:
1.1 For an unknown period up until on or around 30 June 2023, he failed to carry out any or any adequate firm-wide money laundering risk assessment and/or
1.2 For an unknown period up until on or around 30 June 2023, he failed to have in place any or any adequate documented AML policies, controls, and procedures and/or
1.3 For an unknown period up until on or around 30 June 2023, he failed to carry out an adequate risk assessment and ongoing monitoring in respect of one or more clients and/or
1.4 For an unknown period up until on or around 30 June 2023, he failed to undertake any or any adequate Anti-Money Laundering training for himself and/or
2. For an unknown period up until on or around 30 June 2023, he failed to have in place any or any adequate Letters of Engagement.
Finding
Grounds for disciplinary action existed and the matter was suitable for exercise of the Investigations Team's powers under the Disciplinary Regulations.
Order
Ashok Patel is hereby:
i. Fined £2000.00
ii. Severely Reprimanded for 24 months (2 years)
Consent
Ashok Patel has agreed to submit to the decision of the Investigations Team in accordance with Regulation 6 of the Disciplinary Regulations.
