Disciplinary outcome: Abbas Shah
Order by consent
In the matter of
Mr Abbas Shah MAAT
Membership number
20087315
Date
29 August 2022
Misconduct
Abbas Shah’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. From and unknown period until on or around 19 January 2022, he failed to apply adequate risk-based due diligence and ongoing monitoring measures in respect of one or more clients.
2. From and unknown period until on or around 19 January 2022, he did not carry out an adequate review of his anti-money laundering policies, controls and procedures.
3. From and unknown period until on or around 19 January 2022, he did not maintain an adequate written record of his anti-money laundering policies, controls and procedures; and
4. For an unknown date up until on or around 19 January 2022, he failed to issue any or any adequate letters of engagement to one or more clients, in accordance with AAT’s Client Care 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
Abbas Shah is hereby:
i. Reprimanded: Severe Reprimand, to remain live on Mr Shah’s record for a period of 2 years.
ii. Fined £2,000
Consent
Abbas Shah has agreed to submit to the decision of the Investigations Team in accordance with Regulation 6 of the Disciplinary Regulations.
