On 1st January, new EU rules to combat fraud on cross-border payments entered into force to aid the detection and tackling of Value-Added Tax (VAT) fraud.

Payment Service Providers (PSPs) which collectively handle over 90% of online purchases in the EU will be required to:

  • Monitor the payees of cross-border payments from 1st January; and
  • Transmit information on those who receive more than 25 cross-border payments per quarter to the administrations of EU Member States from 4th April.

PSPs with EU operations should ensure that they remain aware of their monitoring and reporting requirements and take any appropriate action.

To learn more about Plenitude’s Fraud services, email us at enquiries@plenitudeconsulting.com


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