The FATF has approved major updates to Recommendation 16 to enhance transparency and security in global payments.

Agreed at the June 2025 Plenary, the revisions standardise what information must accompany payment messages and clarify responsibilities within the payment chain. The aim is to make it easier to identify who is sending and receiving funds, reduce fraud and error, and support faster, safer, more inclusive cross-border transactions in line with the G20 roadmap.

Key changes include:

• Clearer accountability for maintaining accurate payment data throughout the transaction chain.

• Standardised information fields (name, address, date of birth) for peer-to-peer transfers above USD/EUR 1,000.

• Mandatory fraud prevention tools, such as verification technologies to confirm recipient details.

• Clarification on card transactions, confirming ongoing exemptions for purchases of goods and services.

The updated standards take effect by 2030, with the FATF set to issue guidance and continue engagement with industry to support implementation.