Disciplinary outcome: Hugo Wastnage

Hugo Wastnage’s professional and/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. He failed to comply with his obligations under the relevant Money Laundering Regulations while providing accountancy services to the public, specifically:
   1. From an unknown date until on or around 30 January 2023, he failed to have in place adequate and/or documented Anti-Money Laundering policies, controls and procedures.
   2. From an unknown date until on or around 30 January 2023, he failed to carry out an adequate risk assessment and ongoing monitoring in respect of one or more clients.
   3. From an unknown date until on or around 30 January 2023, he failed to carry out an adequate firm-wide money laundering risk assessment.
   4. From an unknown date until on or around 30 January 2023, he failed to carry out any or any adequate periodic review of his Anti-Money Laundering policies, procedures, and controls.

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

Hugo Wastnage is hereby:

1. Fined £1,500.00
2. Severely reprimanded. The severe reprimand is to remain on Mr Wastnage’s record for a period of two years (24 months).

Consent