Disciplinary outcome: Nareshchandra Karia

Nareshchandra Karia’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 From an unknown period up until on or around 22 February 2023, he failed to carry out any or any adequate initial risk assessments and ongoing monitoring of risk in respect of one or more clients and/or
1.2 From an unknown period up until on or around 22 February 2023, he failed to carry out any or any adequate firm-wide money laundering risk assessment and/or
1.3 From an unknown period up until on or around 22 February 2023, he failed to have in place any or any adequate documented AML policies, controls, and procedures and/or
1.4 From an unknown period up until on or around 22 February 2023, he failed to carry out any or any adequate periodic review of his Anti-Money Laundering policies, procedures, and controls and/or
 

2. From an unknown period up until on or around 22 February 2023, he failed to hold clients’ money in a client money account in accordance with regulation 10 of the AAT’s Clients’ Money Policy and/or
3. From an unknown period up until on or around 22 February 2023, he failed to have in place any or adequate arrangements for Continuity of Practice.
 

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

Nareshchandra Karia is hereby:

1. Fined £4200.00 
2. Severely Reprimanded for a period of three years (36 months)
3. Removal of FMAAT status for a period of three years (36 months)

Consent