How to Make It
Place the cans of coconut milk in the coldest spot in your refrigerator upside-down and leave them there for 24 hours. This will allow the coconut cream in the milk to solidify and separate from the liquid.
Line a 9-by-5-by-3-in [23-by-12-by-7.5-cm] loaf pan with plastic wrap that hangs slightly over the sides of the pan.
Flip the cans of coconut milk right-side up, open the cans, and, using a rubber spatula, carefully scrape the solid coconut cream into the bowl of a stand mixer fitted with the whisk attachment. Save the liquid for another purpose. Add the almond extract and confectioners’ sugar, and whisk on medium speed until smooth and thick. Add the heavy cream and whisk on medium-high speed until the cream holds stiff peaks, about 2 minutes. Add the toasted coconut and fold it into the cream with a rubber spatula.
Using a small offset spatula or the back of a spoon, spread a thin layer of the whipped cream on the bottom of the lined pan. Cover as much of the cream as possible with a layer of wafers, filling any gaps with broken wafers, to create a solid layer of wafers.
Continue layering whipped cream and wafers until you run out or reach the top of the pan, ending with a layer of wafers. Gently cover the surface with plastic wrap and refrigerate for at least 6 to 8 hours, or preferably overnight. If you have whipped cream left over, store this in the refrigerator along with the cake.
Remove the cake from the refrigerator prior to serving and peel off the plastic wrap. Place a serving plate over the pan and invert the cake onto the plate. Carefully remove the pan and plastic wrap lining and, if using, thinly spread the remaining whipped cream over the sides and top of the cake. Re-whip the cream if it looks too soft to spread. Sprinkle the cake with the toasted almonds, lightly pressing them into the cake.
Using a serrated knife, cut the cake into slices and serve. The cake will keep, lightly wrapped with plastic wrap, in the refrigerator for up to 3 days.