On 18 June 2025, the Financial Action Task Force (FATF) announced that 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. The changes will come into effect by the end of 2030 and include:

• Clarifying responsibilities within the payment chain. Under the new Standards, the payment chain is considered to start with the financial institution which receives an instruction from the customer.
• Standardised information requirements. The FATF is applying standardised requirements on what information should accompany the payment messages for peer-to-peer cross-border payments above USD/EUR 1,000 (name, address, date of birth).
• Requirements to introduce tools that protect against fraud and error. The new Standards will require financial institutions to make use of new technologies that protect against fraud and error, such as verification of recipients’ banking information.
• Clarification on card transactions. Transactions carried out using a credit, debit, or prepaid card for the purchase of goods or services continue to be exempt from full R.16 requirements, but clarifications have been made to define the scope of “purchase of goods and services”.