AML/CFT stands for Anti-Money Laundering and Countering the Financing of Terrorism. These are sets of laws, regulations, and procedures intended to detect and prevent the use of financial systems for money laundering or funding terrorist activities. AML focuses on stopping criminals from disguising illegally obtained funds as legitimate income, while CFT targets the prevention of financial support for terrorism. Organizations, especially in the financial sector, are required to implement robust AML/CFT measures such as customer due diligence, transaction monitoring, and reporting suspicious activities. Compliance with AML/CFT is crucial for maintaining trust in the financial system and avoiding legal penalties.