FATF consults on guidance to increase payment transparency

The Financial Action Task force (FATF) has launched a consultation on draft guidance to support the implementation of its revised Recommendation 16 (Wire transfers) on payment transparency. The Recommendation is commonly referred to as the "Travel Rule" and was updated in June 2025. The proposed guidance aims to reflect developments in the payments landscape and to strengthen the security of cross-border payments by increasing the transparency of information accompanying transfers and introducing measures to address fraud and errors. Feedback is sought on a range of issues, including:

• Detecting and preventing misdirected payments, including by leveraging the three options for alignment checks foreseen in the revised Standard.
• Implementation that supports financial inclusion, including in lower-capacity jurisdictions.
• How Recommendation 16 applies to newer payment methods, such as digital wallets and mobile money.
• Implementing Recommendation 16 and meeting data protection and privacy requirements together.

The deadline for responses is 21 August, with the final guidance intended to assist jurisdictions and firms in meeting the revised standards by the end of 2030. The full list of consultation questions is set out in the explanatory memorandum to the draft guidance.

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