4.1. General provisions

To determine what information should accompany a transfer of funds or crypto-assets, and the steps they should take to comply with Regulation (EU) 2023/1113, PSPs, IPSPs, CASPs and ICASPs should set out in their policies and procedures how they will establish for each transfer of funds or crypto-assets whether they act as:

• a) the PSP of the payer, the payee or an IPSP;
• b) the CASP of the originator, the beneficiary, or as an ICASP.

PSPs, IPSPs, CASPs and ICASPs should ensure that the policies and procedures they have put in place to comply with Articles 7(1 and 2), 8(1), 11(1 and 2), 12(1), 16(1), 17(1), 20 and 21(1) of Regulation (EU) 2023/1113 are effective and remain effective, for example by testing a random sample from all processed transfers.

PSPs, IPSPs, CASPs and ICASPs should keep their policies and procedures up to date and improve them as necessary.