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ARTICLE · 27 JUNE 2025

FinTech Global FS Regulatory Round-Up - W/e 20 June 2025

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

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The FATF has updated its standards on Recommendation 16 which covers payment transparency. The changes to Recommendation 16, which is referred to as the 'travel rule' in the context of virtual assets...

GlobalFinance and Banking
Cat Dankos
Cat Dankos
Rashid Ahmed
Rashid Ahmed
Vasuki Balasubramanian
Vasuki Balasubramanian
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FATF updates Recommendation 16 – payment transparency, the travel rule

The FATF has updated its standards on Recommendation 16 which covers payment transparency. The changes to Recommendation 16, which is referred to as the 'travel rule' in the context of virtual assets, seek to ensure consistency of information required in payment messages to build a clearer picture of who is sending and receiving money, and to help eliminate fraud and error impacting customers. The amendments also aim to support the G20 roadmap of making cross-border payments faster, cheaper, more transparent and more inclusive.

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