Mr Muhammad Naveed AFA ATA - 19 October 2020

Mr Muhammad Naveed AFA ATA
AM Naveed & Co Accountants, Glasgow, Scotland

Complaint

Despite a number of requests, the member has failed to:

  1. adhere to the fundamental principle of professional behaviour, Code of Ethics para 100.5(e);
  2. meet IFA CPD requirements in accordance with IFA Bye-law 8 and Continuing   Professional Development (CPD) Regulation 4.1 and 4.3;
  3. meet professional indemnity insurance requirements in accordance with Public Practice Regulation 5.6; 
  4. consider the competency and capacity of the individual when appointing an alternate breaching Public Practice Regulation 7.4;
  5. take appropriate measures under the Money Laundering Regulations (MLR) through training and the requirements of data protection breaching MLR 2017 (24 (1)) and (41);
  6. carry out any customer due diligence on clients breaching MLR 2017 Regulation 27 (a) and Regulation 28, in particular (1) (2) (3) (4), (12), (13), (16), (18);
  7. put in place written procedures and keep records to comply with AML regulations in breach of MLR 2017 Regulation 19 and 40 respectively;
  8. co-operate with the administration of the IFA’s compliance and monitoring functions breaching IFA Bye-laws 3.4(f), 11.3 and 13.1(d).

Finding

The Disciplinary Committee found there was a prima facie case to answer that renders Mr Naveed liable to disciplinary action under Bye-law 13 for breaches of the above Regulations, Bye-laws and Code of Ethics.  

Order

1. No seperate penalty;
2. Reprimand, fine of £500,
3. Severe reprimand, fine of £1,000;
4. Reprimand, no fine;
5,6,7. Expelled, fine of £3,000;
8. Reprimand, fine of £500.

Costs of £2,719 ordered.