Basic Search  |  Summaries  |  Advanced SearchCompany City/Town: Spalding
Company Nation/Region: England
Penalty: £1,050
Year: 2020
Date: 8 September, 2020
Offence Group: financial offences
Offence Type: anti-money-laundering deficiencies
Violation Description: Salway and Wright (Spalding) Limited of Spalding, United Kingdom has agreed to pay a practice assurance penalty of £1,050, which was decided by the Practice Assurance Committee. This was in view of its admitted breach of Breach of PA Regulation 4 (2008 Regulations); in that the firm failed to comply with written assurances by failing to issue clients with details of the firm's fees and complaints procedures, as required by the Code of Ethics (240.2b [2011]) and ICAEW Disciplinary Bye-law 11.1, failing to document risk assessments for all clients, carry out an anti-money laundering (AML) compliance review and document AML procedures, in accordance with the Money Laundering Regulations 2007; and failing to complete annual returns accurately, in accordance with Practice Assurance Regulation 8 (2008 Regulations).
Action Type: agency action
Settlement Type: Practice Assurance Committee decision
Agency: Institute of Chartered Accountants in England and Wales
Source of Data: (click here)