On 24 June 2026 the Financial Action Task Force (FATF) published draft guidance on its revised Recommendation 16 on payment transparency for public consultation. Comments were accepted until 21 August 2026. This news item covers what the revised standard changed, what the draft guidance includes and what comes next.
Checked 25 October 2026.
What the standard changed
FATF announced the revision of Recommendation 16 on 18 June 2025. The payment chain starts with the financial institution that receives the customer’s instruction, and the standard clarifies who must pass on information and keep it unchanged. Cross-border transfers between individuals above USD or EUR 1,000 must carry name, address and date of birth. Card purchases of goods and services stay under a simplified regime. Institutions must use tools against fraud and error, such as checking the recipient’s account details. Countries must be ready by the end of 2030.
What the draft guidance covers
The guidance does not change obligations. It explains how to apply the standard. It describes the roles of banks and payment institutions at each step of the chain, originator and beneficiary data, virtual account numbers, cards (full rules for person to person transfers and wallet top ups), cash withdrawals, instant payments, digital wallets and mobile money, and personal data protection.
A separate chapter deals with checking that the beneficiary’s details match. It sets out three options, and FATF asked consultation respondents whether they are clear.
What happens next
The comment period ended on 21 August 2026. FATF has not said when it will adopt the final guidance. The FATF Plenary meets in Paris from 28 to 30 October 2026, and outcomes will be published after it ends. The published agenda does not mention the Recommendation 16 guidance.
What businesses should do
Payment providers and companies that pass on transfer data should check now what information they collect on the sender and the recipient, how they match recipient details and how they use virtual accounts. We covered the data sharing rule for crypto assets in our article on the Travel Rule. It is better to change processes once the final guidance text is out.
See also: Travel Rule for crypto businesses; KYC and KYB for payment providers.
