Disciplinary outcome: David Munro

David Munro'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 09 February 2024, 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. perform a risk assessment for new and existing clients; and/or  
   b. carry out any or any adequate risk-based assessment as part of initial client due diligence.
2. On or around 31 March 2018 to on or around 19 September 2023, he failed to maintain the required level of professional indemnity insurance as set out in AAT’s Professional Indemnity Insurance Policy.
3. For an unknown period up until on or around 14 September 2023, he provided the service Limited Assurance Engagement whilst not approved to do so.
4. For an unknown period up until on or around 12 September 2023, he failed to hold clients’ money in full compliance with AAT’s Clients Money Policy.

Grounds for disciplinary action existed and the matter was suitable for exercise of the Investigations Team's powers under the Disciplinary Regulations.

David Munro is hereby:

1. Reprimanded for a period of two years 
2. Fined £2,500
3. Warned about his future conduct.

Consent