The Financial Action Task Force (FATF) held a second public consultation on proposed revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16), and the related Glossary. These changes are intended to reflect evolving payment business models and messaging standards while ensuring the FATF Standards remain technology-neutral and uphold the principle of "same activity, same risk, same rules". The revisions also support the G20’s goals of making cross-border payments faster, cheaper, more transparent, and more inclusive without compromising safety and security.

The FATF invited input from stakeholders, particularly those in the payments industry, before finalising the updates. An Explanatory Memorandum accompanied the draft revisions, outlining the intent behind the changes and addressing feedback from the first consultation held in early 2024.

Stakeholders were asked to respond by 18 April 2025, submitting comments, drafting suggestions, and consultation answers to the FATF by email.

Although the consultation is now closed, the proposed revisions have not yet been adopted. The FATF will consider all feedback before finalising the updated standards.