The Financial Action Task Force (FATF) launched a public consultation on draft guidance to support implementation of the strengthened FATF Standards on payment transparency, agreed in June 2025.

 

This document sets out UK Finance's response, including recommendations developed with members across our Payments and Financial Crime teams, as well as the wider Economic Crime stream.

 

We support FATF's objective of enhancing the transparency and traceability of cross-border payments and value transfers to maintain their integrity. While the draft guidance provides a strong foundation, Recommendation 16 should be viewed not only as a financial crime initiative but also as a major cross-border payments transformation programme.

 

Successful implementation will require coordinated action across jurisdictions, regulators, payment service providers (PSPs), payment systems, scheme operators and infrastructure providers. Our recommendations aim to support effective financial crime outcomes while ensuring implementation remains risk-based and operationally achievable across diverse payment and legal frameworks.