FATF is consulting on guidance on increasing payment transparency. It is proposing guidance to support the revisions to Recommendation 16, to help keep pace with the changing payments landscape. It expects all countries to be ready to implement the changes by the end of 2030.
Particularly of interest to FATF is whether the guidance adequately addresses topics such as:
- detecting and preventing misdirected payments;
- implementation that supports financial inclusion;
- how the Recommendation applies to newer payment methods; and
- meeting data protection and privacy requirements.
FATF asks for views by 21 August.