Forum on Cross-Border Payments Data holds first meeting

Publication details

Language

English

Country
Topic
FATF-FSB-OECD-Forum

Credit: Financial Stability Board (FSB)

Basel, May 2025

The first Forum on Cross-Border Payments Data was held on 20-21 May 2025 in Basel, bringing together experts in payments, anti-money laundering and countering the financing of terrorism (AML/CFT), sanctions and data privacy and protection.

The forum, established in March 2025 by the Financial Stability Board (FSB), with the contribution of the Financial Action Task Force (FATF) and the Organisation for Economic Co-operation and Development (OECD), will work to strengthen cooperation on data-related issues in cross-border payments, such as the way data is collected, stored and managed across borders.

It will also provide useful inputs on the use of technology and cross-sector collaboration to strengthen alignment of AML/CFT measures with data protection objectives, for example by making sure that data is available quickly when it is needed by investigators, in line with principles such as data minimisation.

Over the course of two days, participants from the private and public sectors, including representatives of a number of FATF delegations, discussed how to provide inputs to ongoing projects in these three International Organisations to navigate frictions in cross-border payments arising from differences in laws, regulations, and practices between countries, while preserving AML/CFT and sanctions objectives.

The participants highlighted ongoing work to support the G20 Cross-border payments Roadmap which aims to make cross-border payments faster, cheaper, more accessible and more secure.

FATF Executive Secretary Violaine Clerc said: “The G20 initiative on cross-border payments has been a huge catalyst for change. We all want to make payments faster, cheaper, more accessible, and more secure. To do that we need to deal with the information that flows through the payment system.”

As a global standard-setter, the FATF maintains continuous dialogue with Data Protection agencies to improve policy coherence and facilitate innovations that meets both data protection and privacy and AML/CFT objectives.

 

Credit: Financial Stability Board (FSB)

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