FATF consults on Recommendation 16

The FATF has published a second consultation on changes to Recommendation 16 on payment transparency and the related guidance and glossary terms. It needs to make the update to adapt the standard to changes in payment business models and messaging standards and to ensure it is technology neutral. The changes therefore embody the “same activity, same risk, same rules” principle and also aim to make cross-border payments faster, cheaper, more transparent and inclusive but not at the expense of safety and security.

The FATF asks for comment by 18 April.