AML/CFT (Anti-Money Laundering and Countering Financing of Terrorism)

The term AML/CFT recognises the interconnected nature of efforts to combat both money laundering and terrorist financing. While there are distinctions between ML and TF, many of the control measures and regulatory requirements overlap. For accountants, AML/CFT compliance involves implementing a comprehensive program that addresses both risks. This typically includes risk assessments, customer due diligence procedures, transaction monitoring, staff training, and reporting mechanisms. The goal is to create a robust system that can detect and prevent the financial activities associated with both money laundering and terrorist financing.