FATF considers revision to Rec.16, its interpretive note and related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards

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 however, the FATF is seeking opinions from all interested stakeholders, in particular from the payments industry…