Independent review of Australian superannuation organisation 

The scope of the engagement included assessing whether the money laundering and terrorism financing risks identified by the client were appropriate, and how these risks were considered in the design and implementation of its existing programs.

We also reviewed the organisation’s compliance with AML/CTF Rules and evaluated how effectively risk management frameworks had been implemented across the business. In addition, we examined the client’s adherence to its own documented procedures and controls.

KordaMentha’s independent review concluded that the superannuation business’s AML/CTF Program was effectively implemented and broadly compliant, with no significant issues identified. Most findings were low risk and recommended to be addressed within six months. These related to strengthening risk assessment processes, enhancing Board and Senior Management oversight, improving AML/CTF training, and refining employee and customer due diligence practices.

The organisation demonstrated a strong compliance culture, and the improvement opportunities were designed to help benchmark its practices against industry best standards. The final report and recommendations were endorsed by Senior Management and the Board, and an educational session was delivered to reinforce their understanding of AML/CTF obligations.