FATF’s revised R.16 clarifies roles, standardises data for transfers above USD/EUR 1,000, and requires technology to detect fraud and errors in cross-border payments

The FATF has amended Recommendation 16 to clarify responsibilities across the payment chain, standardise required payer and payee information for cross-border transfers over USD/EUR 1,000, and mandate tools to prevent fraud and error. These changes aim to enhance transparency, improve payment accuracy, and support global efforts to combat financial crime while aligning with the G20 roadmap for more efficient cross-border payments…