The Financial Stability Board (FSB) announced the establishment of a Forum on Cross-Border Payments Data to strengthen cooperation on data-related issues in cross-border payments, following its December 2024 recommendations on data frameworks. The forum is intended to help reduce frictions that arise when differences in national laws, regulations and practices increase costs and risks for cross-border transactions. The forum will bring together experts spanning payments, anti-money laundering and countering terrorist financing, sanctions, and data privacy and protection, focusing on how data is collected, stored and managed across borders. Working with international organisations including the Financial Action Task Force (FATF) and the Organisation for Economic Cooperation and Development (OECD), it will act as a platform for dialogue, information exchange and research to identify and address inconsistencies in global data frameworks, supported by a private-sector advisory body. The forum’s first meeting is scheduled for May and will be chaired by Gianmatteo Piazza of the Bank of Italy.
Financial Stability Board 2025-03-27
Financial Stability Board establishes Forum on Cross-border Payments Data to improve consistency in global data frameworks
The Financial Stability Board (FSB) has established a Forum on Cross-Border Payments Data to enhance cooperation on data-related issues, following its December 2024 recommendations. The forum will address frictions from differing national laws and practices, involving experts in payments, anti-money laundering, sanctions, and data privacy. It will collaborate with international bodies like the Financial Action Task Force (FATF) and the Organisation for Economic Cooperation and Development (OECD) and include a private-sector advisory body.