FATF enhances transparency in payments through the modification to the Recommendation 16 of its standard

The Financial Action Task Force (FATF) streamlined on 18 June 2025 international requirements that will increase the safety and security of cross-border payments to better detect financial crime.

The changes to Recommendation 16 of the FATF standard, also referred to as the ‘Travel Rule‘ in the context of virtual assets, were agreed by members at the FATF’s June 2025 Plenary meeting. They will ensure consistency of information required in payment messages to build a clearer picture of who is sending and receiving money and help to eliminate fraud and error impacting customers.