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
- ML/TF Risk Assessments
- Governance & Oversight
- 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.
Course Details:
IIA-Australia Member: $330.00 AUD
IIA-Australia Non-Member: $395.00 AUD
Level: Intermediate
Assumed knowledge: Planning, Fieldwork & Reporting
Delivery Format: Facilitator-led training via Zoom (Note: This training program will be delivered using Zoom. Registrations will be strictly limited to 20 participants to allow maximum interaction in the online environment.)
CPE Points: 4
Presenter: Dr. Giridhar Kannan Ph.D., PMIIA, Founder and Director, AML SureCheck ®
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 was gained from his previous role as a financial crime internal auditor with Westpac Group and as a first-line regulator.
Giri is a Professional Member of 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 and also, the first to conduct training on Auditing AML/CTF Programs: A Masterclass for internal auditors and assurance professionals.
He is a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS), USA and holds the Advanced ACAMS – AUDIT certification. Giri holds a Ph.D. in management and is a sessional faculty at the University of Sydney Business School, where he tutors International Financial Crime as a subject to postgraduate students. Giri is also a member of the Australian Compliance Institute and lead speaker in various industry forums domestically and internationally.