Disciplinary outcome: Gary Cornwell
Order by consent
In the matter of
Mr Gary Cornwell MAAT
Business name
GNC Accounting Services Ltd
Membership number
10179440
Date
11 May 2026
Misconduct
- For an unknown period until on or around 24 June 2025 he failed to conduct criminal record checks for one individual considered to be a beneficial owner, officer or manager, in breach of Regulation 26 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
- For an unknown period until on or around 24 June 2025 he failed to conduct and/or document effective anti-money laundering training for relevant staff, in breach of Regulation 24 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
- For an unknown period until on or around 24 June 2025 he failed to demonstrate and/or record adequate money laundering risk assessments for one or more clients, in breach of Regulation 28 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
- For an unknown period until or around 24 June 2025 he failed to demonstrate adequate customer due diligence measures including effective verification procedures for one or more clients, in breach of Regulation 28 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
- For an unknown period until or around 24 June 2025 he failed to carry out and/or document ongoing monitoring in respect of one or more existing clients in breach of Regulation 28(11) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
- For an unknown period until on or around 24 June 2025 he failed to adequately review and/or document discrepancies regarding the Register of People with Significant Control in breach of Regulation 30A of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
- For an unknown period until on or around 24 June 2025 he failed to receive and/or hold client monies in accordance with the requirements of AAT's Clients' Money Policy.
- For an unknown period until or around 24 June 2025 he failed to maintain professional competence through continuing professional development (CPD) and/or provide evidence of such compliance, in breach of AAT’s CPD Policy.
- For an unknown period until or around 24 June 2025 he failed to demonstrate adequate arrangement for continuity of practice in accordance with the requirements of AAT’s Continuity of Practice Policy.
- For an unknown period until or around 24 June 2025, he has been providing or holding himself out as providing Limited Assurance Engagement services whilst not being licensed by AAT to do so, in breach of Regulation 6.4 of AAT’s Licensing Regulations 2024.
- For an unknown period until or around 24 June 2025, he has failed to provide an adequate engagement letter to one or more clients, in breach of AAT’s Client Care Policy.
Finding
By reason of the conduct set out in the Allegations above, Gary Cornwell is guilty of misconduct pursuant to Article 21 of AAT’s Articles of Association.
Order
- Severely reprimanded for a period of three years.
- Fined £10,000.00.
- Removed of fellow membership status for three years.
Consent
The decision of the Investigations Team shall stand as an Order of the Association pursuant to Regulations 5.2 and 5.3 of the Disciplinary Regulations.
