ADAN Supports VerifyVASP’s Response to FATF’s R.16 Consultation
On 3 May 2024, the Paris-based Association pour le Développement des Actifs Numériques (ADAN) submitted comments to the Financial Action Task Force (FATF)’s R.16 consultation, fully supporting VerifyVASP’s 19-page position.
The FATF initiative to revise R.16 aims to adapt existing standards to technological innovations and changes in payment business models and messaging standards.
The proposed revisions clarify the roles and responsibilities of various actors in the payment chain and enhance the quality of information related to the originators and beneficiaries of payments. Among the suggested changes are also terminological adjustments to better match international payment messages, new clarifications at the start of the payment chain, and measures to ensure the consistent application of R.16 to virtual assets and Money or Value Transfer Services (MVTS).
ADAN and VerifyVASP endorse the proposed limitation of exemptions, recognising the importance of maintaining consistency and transparency in payments.
Additionally, ADAN shares VerifyVASP’s concerns regarding the practical challenges associated with certain aspects of the proposed revision — particularly concerning unique personal identifiers and places of birth where a more nuanced approach is necessary to balance data transparency with privacy and protection.
Regarding the enhancement of beneficiary data transparency and alignment, ADAN also supports VerifyVASP’s view of the need for greater transparency while taking into account the reservations expressed about practical challenges.
Finally, ADAN and VerifyVASP jointly recognise the fundamental role of international standards (such as ISO 20022) and legal entity identifiers in implementing these revisions.
ADAN and VerifyVASP are grateful to the Financial Action Task Force (FATF) for taking into consideration industry feedback through this consultation and strongly support these revisions that enhance payment transparency while promoting financial inclusion.
We would like to thank ADAN and their industry members for their support and appreciate their alignment on these important topics. For more information on VerifyVASP, please contact corporate@verifyvasp.com.
