Disciplinary outcome: Cumarasamy Kailaya-Vasan
Order by consent
In the matter of
Cumarasamy Kailaya-Vasan FMAAT
24 September 2023
Cumarasamy Kailaya-Vasan’s conduct was found to be in breach of the Code of Professional Ethics and to have posed a risk to the public and/or undermine public confidence in the Association and its members as follows:
1. For an unknown period up until on or around 31 May 2023, he failed to issue a letter of engagement to one or more clients in full compliance with AAT’s Client Care Policy
2. For an unknown period up until on or around 14 April 2023, he did not comply with his obligations under the Money Laundering Regulations in force while providing accountancy services on a self-employed basis. Specifically, he failed to:
a. apply to AAT for approval of beneficial owners, officers, or managers for AJ Accountancy & Taxation Services Limited and A J Accountancy
b. have in place procedures to report discrepancies to Companies House concerning persons of significant control in connection to limited company clients and/or limited liability partnership clients
c. perform and/or document a risk assessment for new clients
d. perform and/or document an ongoing review of risk for existing clients
e. undertake regular anti-money laundering training
f. carry out any review of his firms’ anti-money laundering policies, controls and procedures
3. For an unknown period up until on or around 29 July 2022, he failed to hold clients’ money in full compliance with AAT’s Clients’ Money Policy
4. On an unknown dated he failed to complete a set of charity accounts for Client X in accordance with relevant accounting standards.
Grounds for disciplinary action existed and the matter was suitable for exercise of the Investigations Team's powers under the Disciplinary Regulations.
Cumarasamy Kailaya-Vasan is hereby:
1. Reprimanded for a period of two-years
2. Warned about his future conduct
3. Fined £2,500
4. Divested of his fellow member status for a period of two-years.
Cumarasamy Kailaya-Vasan consented to the decision of the Investigations Team in accordance with Regulation 6 of the Disciplinary Regulations.