Bringing strategic insight and robust assurance.
Our financial crime experts are often engaged to conduct independent reviews of clients’ Anti-Money Laundering and Counter-Terrorism Financing (‘AML/CTF’) Programs. Our reviews and recommendations are designed to help clients meet regulatory expectations based on guidance issued by AUSTRAC.
We review technical compliance with legislative and regulatory requirements, program effectiveness and the cultural aspects of our clients’ wider AML/CTF risk frameworks. Each independent review identifies areas of the AML/CTF Framework or operating model requiring improvement and results in demonstrable benefit to regulatory compliance.
How we can help you
We provide an assessment of the scope of work and fees, according to the size and complexity of our client’s corporate group. We then review and advise on the following key areas:
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We consider whether policies, processes, systems, and controls are appropriately designed to meet compliance obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act and the Rules, including having regard to the ML/TF risk of the reporting entity.
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The AML/CTF Act requires that our clients comply with their own AML/CTF Program Part A. We consider whether the AML/CTF Program Part A, procedures, processes, and controls have been effectively implemented and are consistently applied by our client.
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We assess key indicators of AML/CTF risk management and compliance culture that often impact the likelihood, severity, and frequency of other related technical or effectiveness findings. These include general attitudes, oversight, consequence management, senior management priority, and responses to issues.
Our experience
We bring an evidence-based approach to our work with a strong emphasis on action and results.
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Betting and gaming
Our client was an international online and retail sports betting company, offering gaming online, including poker and bingo. Defined as a Reporting Entity under the AML/CTF Act, the company was required to undergo its regular Independent Review.
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Superannuation company
We were engaged by an Australian superannuation company to conduct an Independent Review of its Part A Program, the supporting Risk Assessment and Applicable Customer Identification procedures (Part B) to identify improvement areas and align processes with current best practice.
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Digital currency exchange
KordaMentha was engaged by a global digital currency exchange provider, headquartered in Europe and with offices in Australia. The client required an AML/CTF Independent Review of the Australian Program Part A to determine compliance and areas for improvement.
The team provided us with a consistent, strategic approach to uplifting our AML/CTF capability on several levels.
