The Financial Action Task Force (FATF) has launched a second round of public consultation on proposed updates to Recommendation 16 (R.16) on payment transparency, its Interpretive Note (INR.16) and related glossary terms, to align the standards with changes in payment business models and messaging standards. The updated proposals are intended to keep the FATF Standards technology-neutral and consistent with the principle of “same activity, same risk, same rules”, while supporting cross-border payments that are faster, cheaper, more transparent and inclusive while remaining safe and secure. FATF has published revised draft text and an explanatory memorandum setting out the policy intent and how feedback from the first consultation (February to May 2024) was incorporated, and is seeking input from stakeholders, particularly the payment industry, by 18 April 2025; the drafts have not yet been approved and will be finalised after considering consultation responses.
Financial Action Task Force 2025-02-24
Financial Action Task Force opens second consultation on proposed revisions to Recommendation 16 on payment transparency
The Financial Action Task Force (FATF) has launched a second public consultation on updates to Recommendation 16 for payment transparency, aiming to align standards with evolving payment models and messaging standards. The proposals emphasize technology neutrality and the principle of "same activity, same risk, same rules" to enhance cross-border payment efficiency and security. Revised drafts and an explanatory memorandum have been published, with stakeholder feedback sought before finalization.