This practical, hands-on masterclass is designed to equip internal auditors with the essential skills to audit Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) programs effectively. Focusing on real-world applications and regulatory expectations, the workshop empowers auditors to assess AML/CTF program with confidence and precision.
Learning Outcomes
By the end of this masterclass, through a combination of case studies, individual and group exercises, participants will be able to:
- Understand the evolving regulatory landscape of AML/CTF obligations in Australia
- Identify the structure and essential components of an AML/CTF compliance program that need review.
- Apply practical techniques to identify red flags and control weaknesses.
- Develop and present clear, actionable audit findings and recommendations.
Workshop Outline
Session 1: Overview of AML/CTF Independent Review:
- Evolving AML/CTF regulatory landscape in Australia, including AUSTRAC’s role
- Why is an Independent Review of a Reporting Entity a must?
Session 2: Case Studies – Identifying root causes of regulatory actions:
- Regulator penalties for AML/CTF failures – What are the root causes for such failures?
- Were audits and auditors effective?
Session 3: Plan your AML/CTF audit – Individual Exercise:
- Learn to perform engagement risk assessment for various components of an AML/CTF Program
- Preparing an effective document request list for field work
Session 4: Developing test procedures - Group Exercise:
- Identifying key risks and developing test steps for the below scope areas
o ML/TF Risk Assessments
o Governance & Oversight
o Transaction Monitoring
Session 5: Reporting and Remediation:
- No-surprises approach - presenting findings to stakeholders
- Management Action Plans with accountability
Session 6: Recap & What’s Next?:
- Key takeaways from each session
- Discuss improvements to your current audit process or skill you would like to deepen
Who should attend?
Internal auditors and assurance professionals across industries who are subject to AML/CTF obligations.
Level: Intermediate
Assumed knowledge: Planning, Fieldwork & Reporting
Delivery: Online/Zoom
CPE Points: 4
Presenter: Mr Giridhar Kannan PMIIA
Giridhar Kannan (Giri) is the founder and director of AML SureCheck ®, an Australian business on a mission to help businesses check adherence to AML/ CTF program compliance through independent reviews. Giri is an expert in anti-financial crime, sanctions, fraud, and the controls and technology used to mitigate these risks. His extensive and practical experience of more than 20 years in implementing compliance
programs and assessing company compliance with regulatory and industry standards was gained from his previous role as a first-line regulator and as a financial crime internal auditor with Westpac Group providing trusted advisory through testing of their AML/CTF controls, processes and systems during and post AUSTRAC enforcement action.
Giri holds a Ph.D. in Management and is an adjunct faculty at the University of Sydney, Business School where he tutors International Financial Crime as a subject to post graduate students. He is a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS) and holds the Advanced ACAMS – AUDIT certification. Giri is also Professional Member at the Institute of Internal Auditors - Australia (IIA-A) and holds the privilege of being the first author to publish a White Paper on AML/CTF Audit at IIA-A . He is also lead speaker in various industry forums.