The Financial Action Task Force (FATF) published an update on its Private Sector Collaborative Forum (PSCF) in Mumbai, hosted by the Reserve Bank of India and India’s Ministry of Finance, which reinforced the role of public-private partnership in strengthening global defences against financial crime and collected private-sector and civil-society input for ongoing FATF work. Over 25–27 March, more than 200 participants from international banking groups, fintech companies, gatekeepers and civil society discussed key challenges and potential “common roadmaps”. A full day focused on payment transparency, including views on FATF’s ongoing public consultation on proposed revisions to Recommendation 16 (the “travel rule”). Discussions also covered initiatives to reconcile payment transparency with data protection and privacy, with FATF noting the need to address frictions between data privacy and AML/CFT rules and to deepen dialogue with data protection authorities, including through the Financial Stability Board’s Forum on Data Frameworks. FATF additionally sought feedback on applying the risk-based approach in ways that support financial inclusion, including digital tools such as digital customer onboarding, and highlighted the need for dialogue among supervisors, financial institutions and non-profit organisations to safeguard NPO access to financial services for humanitarian activity. FATF indicated that inputs from the PSCF will inform its ongoing work on payment transparency, data protection and privacy, financial inclusion, beneficial ownership implementation (including by gatekeepers), and emerging risks linked to the financing of terrorism and proliferation of weapons of mass destruction.

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