Disciplinary outcome: Ishphak Parkar

Ishphak Parkar’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. For an unknown period up until on or around 06 February 2023 he failed to have in place adequate Anti-Money Laundering policies, procedures, and controls.
2. For an unknown period up until on or around 06 February 2023 he failed to carry out an adequate risk assessment and ongoing monitoring in respect of one or more clients.
3. For an unknown period up until on or around 06 February 2023 he failed to carry out an adequate firm-wide money laundering risk assessment.
4. For an unknown period up until on or around 06 February 2023 he failed to carry out any or any adequate periodic review of his Anti-Money Laundering policies, procedures, and controls.
5. For an unknown period up until on or around 06 February 2023, he provided company secretarial services outside the scope of his AAT licence.
6. For an unknown period up until on or around 06 February 2023, he provided trust or company services without being registered by HMRC to be legally able to do so.
7. For an unknown period up until on or around 06 February 2023 he failed to receive and/or hold clients’ money in accordance 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.

Ishphak Parkar is hereby:

1. Fined £6,500.00
2. Severely reprimanded for a period of three years.
3. Removed from fellow membership of AAT for a period of three years

Consent