The Financial Bureau condemns practicing accountant Deng Yunan for disregarding legal requirements, temporarily suspending registration for 18 months and imposing a fine of 200,000

The Financial Reporting Council publicly condemned practicing accountant Deng Yunan for openly disregarding two statutory requirements issued by the Council for the provision of information and documents for inspection and investigation, and imposed penalties, including the cancellation of his practicing certificate, ordering that he not be issued a practicing certificate for 18 months, and temporarily suspending his registration with the Hong Kong Institute of Certified Public Accountants during this period. Additionally, the Council imposed a fine of HKD 200,000 and ordered him to pay the investigation costs and expenses of the Council.

In December 2024, the authorities notified Deng Yunan of plans to inspect his compliance with anti-money laundering guidelines. Deng Yunan confirmed receipt of the statutory requirement but failed to respond within the specified timeframe. Even after multiple follow-ups from the Council, Deng Yunan verbally agreed over the phone to provide the required information and documents, but he did not submit any information or provide an explanation for his failure to respond, resulting in the inability to conduct the inspection.

In light of Deng Yunan's failure to comply with the inspection requirements, the investigation department of the Council initiated a formal investigation against him and issued a statutory requirement during the investigation process to obtain specified information and documents. However, Deng Yunan again failed to provide the required information as mandated and did not offer any explanation for his continued non-cooperation