Disciplinary outcome: Mun Chan

Mun Chan's conduct was found to be in breach of the Code of Professional Ethics and to have posed a risk to the public and/or undermine public confidence in the Association and its members as follows:

1. For an unknown period up until on or around 11 June 2024, he did not comply with his obligations under the Money Laundering Regulations in force while providing accountancy and/or related services on a self-employed basis. Specifically, he failed to: 
   a. have in place any or any adequately documented anti-money laundering policies, controls, and procedures; and/or
   b. sufficiently document ongoing customer due diligence for one or more existing clients; and/or
   c. implement effective client identification and/or verification procedures for one or more clients; and/or
   d. document a comprehensive firm-wide risk assessment.
2. On or around 18 December 2023, he submitted a licence renewal application wherein he answered “Yes” to the statement, “I am complying with my obligations under the Money Laundering Regulations in force and will comply with any other anti-money laundering legislation (as it comes into force) in the exercise of providing accountancy services as an external accountant”.
3. His conduct at Allegation 2 above was misleading. 
4. On an unknown date, he failed to prepare a set of limited company accounts in accordance with the Companies Act disclosure requirements.
5. For an unknown period up until on or around 11 June 2024, he provided the services Business Income Tax and Management Accounting whilst not approved to do so.

Grounds for disciplinary action existed and the matter was suitable for exercise of the Investigations Team's powers under the Disciplinary Regulations.

Mun Chan is hereby:

1. Reprimanded for a period of two years
2. Fined £3,500
3. Divested of his fellow member status
4. Warned about his future conduct.

Consent