- CESOP is a central database for storing information on cross-border payments.
- The goal of CESOP is to increase transparency in the financial world, reduce fraud, and promote compliance with tax laws.
- Payment service providers in the European Union and European Economic Area are required to keep and report data under CESOP.
- This includes a wide range of financial institutions, such as banks, payment institutions, and online marketplaces with their own payment services.
- CESOP covers all money transactions initiated by the payer or beneficiary, regardless of any underlying obligations between the parties.
- A free knowledge document is available for download to determine if a company is considered a payment service provider and needs to report cross-border payments.
- Non-compliance with CESOP regulations can result in significant consequences, including fines of up to EUR 900,000.
Source: nextens.nl
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
