KYC (Know Your Customer) and AML (Anti-Money Laundering) are regulatory requirements designed to prevent money laundering, terrorist financing, and other financial crimes. KYC involves collecting personal data from investors to verify their identity, while AML refers to the broader framework of policies and controls set to detect and prevent illicit financial activities. These processes are essential for compliance and often form part of the custodian's responsibilities, especially in the context of fund of funds or institutional investing. Proper implementation of KYC/AML procedures helps to maintain market integrity and reduces legal risks for fund managers.