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This report sets out final recommendations for promoting alignment and interoperability across data frameworks (i.e. the laws, rules, and regulatory requirements for collecting, storing and managing data) applicable to cross-border payments. The recommendations aim to mitigate unintended frictions that may pose significant challenges to improving the cost, speed, transparency and accessibility of cross-border payments. At the same time, they uphold the underlying objectives of data frameworks (such as preserving the security of transactions, meeting anti-money laundering and combating the financing of terrorism (AML/CFT) and sanctions objectives, and protecting the privacy of individuals).
The recommendations to promote alignment and interoperability across data frameworks related to cross-border payments fall into four broad categories:
- Addressing uncertainty about how to balance regulatory and supervisory obligations
- Promoting the alignment and interoperability of regulatory and data requirements related to cross-border payments
- Mitigating restrictions on the flow of data related to payments across borders
- Reducing barriers to innovation