On 13 July 2023, Austria's Federal Council (upper house of parliament - Bundesrat) approved the law for the implementation of new reporting obligations for payment service providers from 1 January 2024 as introduced by Council Directive (EU) 2020/284 of 18 February 2020 amending Directive 2006/112/EC as regards introducing certain requirements for payment service providers. The law was approved by the National Council (lower house of parliament) on 6 July 2023. As per Council Directive (EU) 2020/284, payment service providers offering payment services in the EU are required to monitor the payees of cross-border payments and transmit information on those who...