FATF Amends 'Travel Rule'

The changes were approved by members at the recent plenary, and aim to standardise the information contained in payment messages to address fraud, reduce errors, and enhance transparency.

Key changes include:

➡️ Clarifying who is responsible for including and maintaining information in payment messages throughout the payment chain;

➡️ Standardising information required in messages for peer-to-peer cross-border payments above a threshold;

➡️ Requirements to introduce tools aimed at addressing the risk of fraud and error; and

➡️ Clarification on the scope of the standard concerning card transactions.

✅ Payment service providers should review the updates and ensure their payment messaging and fraud identification systems align with the guidance to maintain compliance and reduce losses.

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