Heat oven to 325°F. Grease bottom and side of 9- or 10-inch springform pan with shortening; lightly flour. Place almonds on ungreased cookie sheet; bake 4 to 7 minutes, stirring occasionally, until lightly browned. Reserve 2 tablespoons almonds for garnish. Place remaining almonds in food processor or blender. Cover; process until almonds are ground; set aside.
In small bowl, mix flour, baking powder and salt; set aside. In large bowl, beat 1/2 cup butter and the granulated sugar with electric mixer on medium speed, scraping bowl occasionally, until fluffy. Add eggs one at a time, beating on high speed after each addition until smooth and blended. Add milk, liqueur, 1 teaspoon vanilla, the flour mixture and ground almonds; beat on medium speed until smooth. Stir in 6 ounces white chocolate. Spread batter in pan.
Bake 50 to 55 minutes or until center springs back when lightly touched and top is evenly browned. Cool 15 minutes; remove side of pan. Cool completely, about 1 hour 30 minutes.
Meanwhile, in 2-quart saucepan, heat 4 ounces white chocolate and boiling water over low heat, stirring constantly, just until chocolate is melted. Stir in 1 teaspoon vanilla; cool to room temperature. In large bowl, beat 3/4 cup butter on medium speed until fluffy. Gradually beat in cooled white chocolate mixture and powdered sugar until smooth.
Run long knife under cake to loosen from pan bottom; transfer to serving plate. Spread frosting over side and top of torte. Garnish with reserved toasted almonds.