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Anti-Money Laundering (AML) & Counter-Terrorism Financing (CFT)

Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) are two interconnected sets of measures and regulations designed to combat illicit financial activities globally.

Anti-Money Laundering (AML) 

AML refers to a comprehensive framework of laws, policies, and procedures implemented by financial institutions and other entities to prevent and detect the laundering of money obtained through illegal means. Money laundering involves disguising the origin of funds from criminal activities, making them appear legitimate.

Know-your-customer (KYC) and customer due diligence (CDD) form part of a company's AML processes.

Counter-Terrorism Financing (CFT) 

CFT is a parallel set of measures aimed at preventing the financial support of terrorist activities. This involves identifying, tracking, and disrupting the flow of funds that could be used to facilitate acts of terrorism.

Both AML and CFT efforts focus on enhancing transparency in financial transactions, conducting due diligence on customers, and reporting suspicious activities to relevant authorities. The goal is to create a robust defence against financial crimes, including money laundering and the financing of terrorism. 

International organisations, such as the Financial Action Task Force (FATF), play a significant role in setting global standards and promoting cooperation among countries to strengthen AML and CFT measures.

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