The Australian AML/CTF Act - Preparing for an Independent Review

Instructor: David Harley
Product ID: 704662
  • Duration: 90 Min

recorded version

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Recorded Link and Ref. material will be available in My CO Section

Training CD

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Read Frequently Asked Questions

This training program will discuss the planning and preparation needed for an independent review, or any other review of an AML/CTF program, and consider the stakeholders who need to be identified and managed throughout the field work, the impact on the business as they continue with business as usual as well as the likely areas where issues may be found. Understanding the process of an independent review provides the opportunity to test the implementation of your program before hand and call out some issues that need focus before any review commences.

Why Should You Attend:

Whether or not you are subject to the Australian AML/CTF act and its requirement for an independent review, every AML/CTF program should have an independent review of its implementation and operation to provide a level of comfort to the organization as to the effectiveness of the program. The key to any review is framing it as a positive act that can help build on the program rather than one that is negatively focused.

The webinar presenter has worked in both law enforcement dealing with proceeds of crime and in the financial services industry managing and consulting on AML/CTF since the early 1990s. This webinar will identify the key considerations for planning a review, such as:

  • Can the independent review support the MLRO in providing a path to maturity for the program?
  • What level of assurance do you want?
  • Should you include your Part B KYC program?
  • Who should I get to perform the review?
  • What independence considerations are there?
  • What type of report do I want?
  • What additional value can I get from the review?

During the course of the discussion, attendees will explore typical issues identified by the presenter in independent reviews over the last 7 years and provide case studies to assist you in identifying some small, but important, areas where additional work may be needed. The webinar will give the audience added confidence, understanding and clarity in managing any form of independent review.

Areas Covered in the Webinar:

  • The four key requirements of an AML/CTF review
  • Assurance (positive or limited) or review
  • Full reporting or reporting by exception
  • Extending the review to cover Part B
  • Reporting by exception or a detailed report
  • Common issues identified in reviews

Who Will Benefit:

  • Money Laundering Compliance Officers
  • Compliance Managers and Officers
  • Risk Managers and Officers
  • Board Members/Directors
  • Chief Risk Officers/Chief Compliance Officers
  • Internal Audit Managers or Executives

Instructor Profile:

David Harley has been involved in managing the risks of money laundering and terrorist financing within financial services since 2001 and was involved as a law enforcement officer in the seizure of proceeds of crime from the early 1990s. As a director and executive director with PwC and as a consultant in his own right, Mr. Harley has been dealing with boards and compliance teams across financial services and gaming since 2008 and has both provided specific advice and undertaken independent reviews for a large number of reporting entities under the AML/CTF Act.

He is a Certified Anti-Money Laundering Specialist and an AUSTRAC Authorised External Auditor, who has delivered training to compliance teams and boards.

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