The article is devoted to the analysis of the shortcomings and vulnerabilities of the AML/CFT system (countering the legalization (laundering) of proceeds from crime and the financing of terrorism) within the framework of the risk management system (RMS) of the subject of a financial and credit organization (FCO). In the context of globalization and the increasing complexity of financial transactions, traditional approaches to AML/CFT are becoming insufficient, which requires improving risk management systems taking into account new challenges. Attention is focused on the fact that today the issue of money laundering and financing of terrorist activity is a global threat to the financial security of both individual states and the entire global economic system. In addition, this study emphasizes that according to the National Security Strategy of the Russian Federation, in the context of the transformation of modern society and increasing international uncertainty, it is necessary to increase the efficiency of using existing achievements and competitive aspects of the country, taking into account long-term trends in global development. The article examines the key shortcomings of the AML/CFT system within the framework of the FCO RMS, including the lack of a unified approach to risk assessment, insufficient integration of AML/CFT into general risk management processes, lack of resources and staff qualifications, as well as difficulties in applying new technologies in combating money laundering and terrorist financing. The paper analyzes the impact of these shortcomings on the effectiveness of the AML/CFT system and identifies key vulnerabilities that can be used by criminals for money laundering and terrorist financing. The article offers recommendations for improving the AML/CFT system within the framework of the FCO RMS, including the introduction of more effective risk assessment methods, improved control and monitoring processes, staff training and the introduction of new technologies into the AML/CFT system.