The revisions aim to clarify the various roles and responsibilities of different parties in the payment chain and improve the quality of information contained in payment messages.
Key changes proposed include:
➡️ Structure: Updates to the structure of the recommendation focus on the responsibilities for differing types of payments and aim to improve readability;
➡️ Objectives: Emphasis has been expanded to include proliferation financing and fraud alongside terrorism financing; and
➡️ Requirements: Clarification on informational requirements for cross-border withdrawals, payments for goods and services, and cross-border transactions.
🗓️ Firms have until 18 April 2025 to respond with comments using the designated channels.
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