By PAUL O’DONOGHUE, Senior Correspondent
THE Financial Action Task Force (FATF) has launched a public consultation on new guidance to improve payment transparency in cross-border transactions.
The Paris-based body, which effectively sets global AML standards said it is seeking views from financial institutions, payment system operators, civil society groups and researchers.
The FATF said the consultation supports updated standards to Recommendation 16, which members agreed in June 2025.
Known as the “travel rule,” FATF Recommendation 16 requires financial institutions to collect and verify accurate payments.
The planned revisions will “increase transparency of information that accompanies cross-border payments”. They will also require companies to introduce tools “to protect against fraud and error”.
“All countries around the world are expected to be ready to implement the changes by the end of 2030,” the FATF said.
FATF payments consultation
The consultation seeks feedback on several issues. These include:
- Detecting and preventing misdirected payments.
- Alignment checks under the revised standard.
- Implementation that supports financial inclusion, including in lower-capacity jurisdictions.
- How Recommendation16 applies to newer payment methods, such as digital wallets and mobile money.
- Implementing Recommendation16 and meeting data protection and privacy requirements.
FATF President Elisa de Anda Madrazo said the guidance must be “fit for purpose.”
“We want to ensure this new guidance is fit for purpose, and supports countries and financial institutions across the world in implementing the new ‘travel rule’ requirements by the deadline of 2030,” she said.
She added: “I urge everyone with an interest to share their views, so that we can unleash the full potential of the strengthened Recommendation 16. [This] will better equip authorities and financial institutions to follow the money and disrupt harmful criminal activity.”
The FATF said stakeholders must submit responses by 21 August 2026. They should send submissions to FATF.Publicconsultation@fatf-gafi.org with the subject line “Comments of [author] on the draft R.16 Guidance.”
It said submissions must include the organisation name, nature of business and contact details.
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