Artificial boundary conditions (BCs) play a ubiquitous role in numerical simulations of transport phenomena in several diverse fields, such as fluid dynamics, electromagnetism, acoustics, geophysics, and many more. They are essential for accurately capturing the behavior of physical systems whenever the simulation domain is truncated for computational efficiency purposes. Ideally, an artificial BC would allow relevant information to enter or leave the computational domain without introducing artifacts or unphysical effects. Boundary conditions designed to control spurious wave reflections are referred to as nonreflective boundary conditions (NRBCs). Another approach is given by the perfectly matched layers (PMLs), in which the computational domain is extended with multiple dampening layers, where outgoing waves are absorbed exponentially in time. In this work, the definition of PML is revised in the context of the lattice Boltzmann method. The impact of adopting different types of BCs at the edge of the dampening zone is evaluated and compared, in terms of both accuracy and computational costs. It is shown that for sufficiently large buffer zones, PMLs allow stable and accurate simulations even when using a simple zeroth-order extrapolation BC. Moreover, employing PMLs in combination with NRBCs potentially offers significant gains in accuracy at a modest computational overhead, provided the parameters of the BC are properly tuned to match the properties of the underlying fluid flow.