On 24 February 2025, the Financial Action Task Force (FATF) issued its second public consultation on revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related Glossary of specific terms, to adapt them to the changes in payment business models and messaging standards.

The objective of the proposed revision is to adapt the Standards to the changes in payment business models and messaging standards, as well as to the evolving risks and vulnerabilities. There is a need for R.16/INR.16 to be updated to ensure that the FATF Standards remain technology-neutral and follow the principle of ‘same activity, same risk, same rules’. The revisions address these issues by clarifying the roles and responsibilities of different players involved in the payment chain and improving the content and quality of basic originator and beneficiary information contained in the payment messages. This should help achieve greater transparency and more efficient and effective compliance processes by financial institutions fighting financial crime.

Next steps

The deadline for comments on the consultation is 18 April 2025. Following the finalisation of the revisions – expected in June 2025 – the FATF will also develop a guidance paper on payment transparency to facilitate consistent implementation of the revised FATF Standards