Disciplinary outcome: Rachael Norman
Order by consent
In the matter of
Mrs Rachael Norman FMAAT
Membership number
161372
Date
29 May 2023
Misconduct
Rachael Norman’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. She failed to comply with her obligations under the Money Laundering Regulation in force while providing accountancy and/or bookkeeping services to the public, specifically:
1.1. From an unknown date, until on or around 17 March 2022, whilst a full member of AAT, she failed to apply adequate risk-based due diligence and ongoing monitoring measures in respect of one or more clients.
1.2. From an unknown date, until on or around 17 March 2022, whilst a full member of AAT, she did not carry out an adequate review of her anti-money laundering policies, controls and procedures.
1.3. From an unknown date, until on or around 17 March 2022, whilst a full member of AAT, she did not carry out and/or record an adequate firm-wide money laundering risk assessment.
2. From an unknown date, until on or around 17 March 2022, she did not possess a Trust Status Letter from her bank as per Paragraph 11 of AAT's Client's Money Policy.
Finding
Grounds for disciplinary action existed and the matter was suitable for exercise of the Investigations team's powers under the Disciplinary Regulations.
Order
Rachael Norman is hereby:
i. Fined £2,000
ii. Divested of her FMAAT status for a period of 2 years
iii. Reprimanded: Severe Reprimand, to remain on her records for a period of 2 years
Consent
Rachael Norman has agreed to have agreed to submit to the decision of the Investigations Team in accordance with Regulation 6 of the Disciplinary Regulations
