Paris [France], June 25 (ANI): The Financial Action Task Force (FATF) is inviting views of stakeholders from across industry and civil society on new guidance to support the implementation of strengthened FATF Standards on payment transparency when they come into effect, FATF said in a statement.
The revisions to FATF’s Recommendation16, agreed in June 2025, will keep pace with changes in the payment landscape, and strengthen the safety and security of the international payment system by increasing transparency of information that accompanies cross-border payments and requiring the introduction of tools to protect against fraud and error. All countries around the world are expected to be ready to implement the changes by the end of 2030.
The FATF wants to hear from as many stakeholders as possible, including financial institutions worldwide with different business models and capacity, payment system operators, civil society and the research community. Input from emerging economies and lower-capacity jurisdictions is particularly welcome, as per the statement.
Feedback is invited on a range of issues including whether the guidance provides sufficient clarity and support on: Detecting and preventing misdirected payments, including by leveraging the three options for alignment checks foreseen in the revised Standard; Implementation that supports financial inclusion, including in lower-capacity jurisdictions; How Recommendation16 applies to newer payment methods, such as digital wallets and mobile money; and implementing Recommendation16 and meeting data protection and privacy requirements together.
The full list of consultation questions is set out in the explanatory memorandum to the draft Guidance, as per the statement.
FATF President, Elisa de Anda Madrazo, said, “We want to ensure this new guidance is fit for purpose, and supports countries and financial institutions across the world in implementing the new “travel rule” requirements by the deadline of 2030. I urge everyone with an interest to share their views, so that we can unleash the full potential of the strengthened Recommendation 16, which will better equip authorities and financial institutions to follow the money and disrupt harmful criminal activity,” as quoted by the statement. (ANI)
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