Context
The FCA has decided to make an order prohibiting Dharmendra Devji Solanki (“Mr Solanki”) from performing any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm, pursuant to section 56 of the Act.
Key points to note and next actions
- Mr Solanki was previously approved to act as an SMF17 Money Laundering Reporting Officer at several authorised firms until July 2022. In October 2023, he pleaded guilty to carrying on regulated activity without authorisation and to money laundering, offences committed while he was an approved person.
- He was later sentenced to a suspended prison term, community work and unpaid work, and was ordered to pay £169,941.89 following a confiscation hearing.
- The FCA considered that these offences show a serious lack of integrity and that Mr Solanki is not fit and proper to perform regulated activities, so it proposed a prohibition order to protect consumers and maintain confidence in the UK financial system