The Financial Action Task Force has launched a public consultation on draft guidance to support implementation of its revised Recommendation 16 on payment transparency. The guidance is intended to help countries and financial institutions apply the strengthened standard agreed in June 2025, which is designed to reflect changes in the payments landscape by increasing the information that accompanies cross-border payments and requiring tools to address fraud and error. All countries are expected to be ready to implement the changes by the end of 2030. The draft guidance does not change the obligations in the revised standard. It provides detailed explanations and practical examples on the scope of Recommendation 16, responsibilities of ordering, intermediary and beneficiary financial institutions, payment chain definitions, and the originator and beneficiary information that must accompany payments or value transfers. It also addresses implementation across card transactions, cash withdrawals, instant payments, digital wallets and mobile money, alongside data protection and privacy and the three options for alignment checks by beneficiary financial institutions. FATF is seeking feedback in particular on whether the guidance is clear enough to support detection of misdirected payments, proportionate implementation in lower-capacity jurisdictions, treatment of newer payment methods, and compliance alongside data protection and privacy requirements. Responses are invited from financial institutions, payment system operators, civil society and researchers, with FATF specifically encouraging input from emerging economies and lower-capacity jurisdictions. The consultation runs until 21 August 2026.

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