Mr Muhammad Asif Naeem AFA ATA 20 June 2022

Mr Muhammad Asif Naeem AFA ATA
Ilford, UK

Complaint

The allegations were that Mr Naeem has failed to:

  1. adhere to the fundamental principle of professional behaviour which imposes an obligation on all professional accountants ‘to comply with relevant laws and regulations and avoid any conduct that the accountant knows or should know might discredit the profession’
  2. provide requested information or documents in accordance with Regulation 66 MLR;
  3. carry out and provide evidence of a firm risk assessment, breaching Regulation 18;
  4. carry out a review of anti-money laundering policies, procedures and controls in accordance with Regulations 19 and 40 respectively, MLR;
  5. ensure adequate internal controls breaching Regulation 21 MLR;
  6. as a relevant person, has failed to carry out complete customer due diligence on clients and breaching Regulation 27 (a), Regulation 28 in particular (1,2, 3, 4, 12, 13, 16, 18 and 19) MLR;
  7. meet IFA CPD requirements in accordance with the CPD Regulations 3.4 and 6.3;
  8. respond on a timely basis to communications and failed to co-operate with the AML review process breaching IFA Bye-law 11.2d; and
  9. provide such information as is deemed necessary by the Institute for compliance and monitoring purposes breaching IFA Bye-law 12.2.

Finding

The Disciplinary Committee found the matters proved.

Sentencing Order

(1) Severe reprimand, fine of £1,000, (2-6) severe reprimand, fine of £3,000, (7) Reprimand, fine of £500, (8-9) Reprimand, no separate financial penalty.

Addendum

Member failed to comply with Disciplinary Committee conditions and was expelled from membership.