The Financial Intelligence Analysis Unit (FIAU) would like to inform subject persons of the following updates from the Financial Action Task Force (FATF):
FATF Updates to the Standards on Recommendation 16 on Payment Transparency:
Following the FATF’s June 2025 Plenary Meeting, agreement was reached to implement changes to Recommendation 16 of the FATF Standards, also known as the ‘Travel Rule’ in the context of virtual assets.
Following the outcome of two public consultations, the changes to the Standards include:
- Clarifying who within the payment chain is responsible for including information in payment messages and ensuring it remains unchanged.
- Applying standardised requirements for the information that must accompany payment messages for peer-to-peer cross-border payments above USD/EUR 1,000.
- Requiring financial institutions to introduce new technologies that protect against fraud and errors, so that customers have peace of mind that their money is being directed appropriately.
- Further clarification to clearly define what qualifies as “purchase of goods and services”.
The changes will come into effect by the end of 2030, and the FATF will continue issuing guidance on the subject to help the industry prepare for these changes.
Further information can be found on the FATF’s website.
FATF Report highlighting major gaps in global response to Proliferation Financing and Sanctions Evasion:
A new FATF report titled, ‘Complex Proliferation Financing and Sanctions Evasion Schemes’, was published, revealing significant vulnerabilities across the global financial system in countering the financing of weapons of mass destruction.
The report analyses the emerging methods and techniques being used to evade Proliferation Financing related sanctions, including those imposed under Recommendation 7 of the FATF Standards and other national and supranational sanctions. It also identifies four typologies used in sanctions evasion and identifies the Democratic People’s Republic of Korea as the most significant actor. Moreover, the report outlines a set of practical risk indicators to detect sanctions’ evasion, such as the use of shell companies.
The publication can be accessed directly from the FATF’s website or from the FIAU’s website under the tab FATF.
FATF Guidance on Financial Inclusion and Anti-Money Laundering and Terrorist Financing Measures:
The FATF has updated its ‘Guidance on Financial Inclusion and Anti-Money Laundering and Terrorist Financing Measures’, following the strengthening of Recommendation 1 of the FATF Standards.
This guidance focuses on facilitating access to and use of financial services by individuals in low-income, rural groups, or fragile contexts who are not able to verify their identities and those underserved by existing financial products and services.The FATF encourages countries and the private sector to use a risk-based approach because recognizing the importance of balancing financial risks with inclusion helps promote more accessible financial systems. By conducting risk assessments, authorities and institutions can tailor their actions by offering easier access to low-risk individuals while applying stricter controls in higher-risk situations. This updated Guidance provides examples of how policymakers, supervisors, the private sector, industry associations and others have implemented the risk-based approach.
The publication can be accessed directly from the FATF’s website or from the FIAU’s website under the tab FATF.