Second Public Consultation on Recommendation 16 on Payment Transparency

24 February 2025 - 

The Financial Action Task Force (FATF) is holding a second round of 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.  

R.16/INR.16 needs to be updated to ensure that the FATF Standards remain technology-neutral and follow the principle of ‘same activity, same risk, same rules’. These proposed revisions also aim to help make cross-border payments faster, cheaper, more transparent and inclusive whilst remaining safe and secure; an objective that is part of the G20 Priority Action Plan.

Before finalising the revisions to R.16/INR.16, the FATF would like to hear from all interested stakeholders, in particular from the payment industry. The updated proposed revisions are attached along with an Explanatory Memorandum that explains the policy intent of the key proposals for revisions in detail, and sets out how the responses to the first consultation in February-May 2024 have been taken into account.

Please provide responses to this initial consultation by 18 April 2025.  Please provide your input, including any drafting proposals, and your response to consultation questions set out in the Explanatory Memorandum to FATF.Publicconsultation@fatf-gafi.org with the subject-line “Comments of [author] on the proposed revisions to R.16/INR.16”.

While submitting your response, please indicate the name of your organisation, the nature of your business, and your contact details. Responses to ‘Questions for consultation’ can be submitted in any format. You may also insert any specific drafting proposals directly in the text of the draft revisions in tracked changes. We will use your contact information only for the purpose of this public consultation and for further engagement with you on this issue. Your comments will also be shared with the FATF delegations in the course of this work unless you indicate otherwise. The FATF will, however, not share this information with third parties without your consent.

At this stage, the FATF has not approved the draft revisions to R.16/INR.16 and will consider the feedback received in public consultation for finalising the revisions. 

We thank you for your input in advance.