From 1 January 2024, all payment service providers (PSPs) operating in the European Union (EU), including Banks, Electronic Money Institutions, and other Regulated Payment Institutions will be required to record and report transactional data of cross-border payments in every EU Member State where they provide certain payment services via the Central Electronic System of Payment information (CESOP).
PSPs will have to monitor and transmit transactional information on payees involved in more than 25 transactions per quarter to the national administrations of the relevant member states.