Disciplinary outcome: Alan Swann
Order by consent
In the matter of
Mr Alan Swann MAAT
Business name
Abacus Accountancy & Taxation Services Limited
Membership number
150484
Date
21 March 2025
Misconduct
- He did not comply with his obligations under the Money Laundering Regulations in force while providing accountancy and/or related services on a self-employed basis. Specifically, he failed to:
a. document ongoing client due diligence (CDD) in every instance; and/or
b. apply enhanced CDD measures with a client established in a high-risk third country. - He submitted a licence renewal application wherein he answered “Yes” to the statement, "I am complying with my obligations under the Money Laundering Regulations in force and will comply with any anti-money laundering legislation (as it comes into force) in the exercise of providing accountancy services as an external accountant".
- His conduct at Allegation 2 above was misleading.
- He failed to maintain the minimum level of professional indemnity insurance (PII) cover as set out in paragraph 5 of AAT’s PII Policy.
Finding
By reason of the conduct set out in the Allegations above, Alan Swann is guilty of misconduct pursuant to Article 21 of AAT’s Articles of Association.
Order
- Reprimanded for a period of three years
- Fined £3,000
- Deemed ineligible to hold fellow member (FMAAT) status for a period of three years
- Warned about his future conduct.
Consent
The decision of the Investigations Team shall stand as an Order of the Association pursuant to Regulations 5.2 and 5.3 of the Disciplinary Regulations.
