Mr Olabode Bashiru Nuhu AFA MIPA 6 March 2023

Mr Olabode Bashiru Nuhu AFA MIPA
London, UK

Complaint

The allegations were that Mr Nuhu has failed to:

a) adhere to the fundamental principle of professional behaviour ‘to comply with relevant laws and regulations and avoid any conduct that the accountant knows or should know might discredit the profession’

b) provide requested information or documents in accordance with Money Laundering Regulations 2017 (MLR 2017), Regulation 66;

c) carry out and provide evidence of a firm risk assessment, breaching Regulation 18;

d) carry out a review of anti-money laundering policies, procedures and controls in accordance with MLR 2017 Regulation 19 and 40 respectively;

e) ensure adequate internal controls breaching MLR 2017 Regulation 21;

f) take appropriate measures to ensure that its relevant employees are made aware of the requirements MLR through training and the requirements of data protection therefore breaching MLR 2017 (24 (1));

g) as a relevant person, has failed to carry out complete customer due diligence on clients breaching MLR 2017 Regulation 27(a) and Regulation 28.

h) to appoint an alternate in accordance with the IFA’s Public Practice Regulation 11.2;

i) meet the IFA CPD requirements in accordance with the IFA’s Continuing Professional Development Regulations 3.4 and 6.3;

j) respond on a timely basis to communications and failed to co-operate with the AML review process breaching IFA Bye-law 11.2(d); and

k) 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 matter proved.

Sentencing Order

Mr Nuhu removed from the IFA membership register, fine £6,000 and costs ordered of £5,073.