Independent Review
In Australia, an independent review refers to a process in which an impartial and objective individual or panel is engaged to evaluate and assess an organisation’s performance, policies, programs, or services or to investigate and report on and a particular issue or incident.
Independent reviews are often commissioned by government bodies, such as the Australian Federal Government or state and territory governments, to ensure transparency and accountability in decision-making processes and identify improvement areas.
The scope of an independent review may vary depending on the issue being investigated and can include examining documents and records, conducting interviews with stakeholders and affected individuals, and analyzing data and information.
The findings and recommendations of independent reviews are typically presented in a report, which is made available to the orginisation.
In an ever-evolving landscape of financial crimes, organizations must remain vigilant to protect themselves against money laundering and terrorist financing risks. Independent Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) reviews play a crucial role in fortifying financial security. This article explores the significance of independent AML/CTF reviews, shedding light on their ability to identify vulnerabilities, enhance …
Strengthening Financial Security: The Vital Role of AML/CTF Independent Reviews Read More »
The AML/CTF Act adopted in 2006 places several obligations on businesses. These obligations are put in place to protect both the company and the economy from financial harm. One such obligation is the AML independent review. Having an independent review of your AML program is a mandatory procedure within the country. And it is easy …
What is an Independent Review? Read More »
The AUSTRAC Compliance Reporting period is approaching and it’s time to start thinking about conducting an independent review and completing your compliance report. Who needs to report? Independent Review An independent review assesses Part A of your AML/CTF program. It checks that you’re complying with your program and the program is still suitable for your …
Compliance Report and Independent Review Read More »
