The Financial Action Task Force (FATF) has opened a public consultation on new guidance aimed at increasing transparency in cross-border payments, according to a statement released by the organization on June 25, 2026. The FATF is seeking input from industry stakeholders, civil society, and the research community on how to implement strengthened standards under Recommendation 16, which were revised in June 2025.
Revised Standards Aim to Enhance Payment Security
The revisions to FATF's Recommendation 16 are designed to keep pace with changes in the payment landscape and strengthen the safety and security of the international payment system. The updated standards require greater transparency of information accompanying cross-border payments and mandate the introduction of tools to protect against fraud and error. All countries are expected to implement these changes by the end of 2030.
FATF President Elisa de Anda Madrazo emphasized the importance of the guidance, stating, "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. I urge everyone with an interest to share their views, so that we can unleash the full potential of the strengthened Recommendation 16, which will better equip authorities and financial institutions to follow the money and disrupt harmful criminal activity."
Key Areas for Feedback
The FATF is particularly interested in feedback from a diverse range of stakeholders, including financial institutions of all sizes and business models, payment system operators, civil society organizations, and researchers. Input from emerging economies and lower-capacity jurisdictions is especially welcome.
The consultation invites comments on several critical issues:
- Detecting and preventing misdirected payments, including through alignment checks as outlined in the revised standard
- Implementation approaches that support financial inclusion, especially in lower-capacity jurisdictions
- Application of Recommendation 16 to newer payment methods such as digital wallets and mobile money
- Balancing implementation of Recommendation 16 with data protection and privacy requirements
Full Consultation Details
The complete list of consultation questions is available in the explanatory memorandum accompanying the draft guidance. The FATF encourages all interested parties to submit their views to ensure the guidance is comprehensive and practical.
This initiative underscores the FATF's commitment to combating money laundering and terrorist financing by enhancing transparency in the global payment system. The strengthened standards are expected to help authorities and financial institutions better track illicit financial flows and protect the integrity of international payments.
