# Article 1 — Subject matter

**Source:** [Regulation (EU) 2023/1113 — EUR-Lex](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1113)

This Regulation lays down rules on the information on payers and payees accompanying transfers of funds, in any currency, and on the information on originators and beneficiaries accompanying transfers of crypto-assets, for the purposes of preventing, detecting and investigating money laundering and terrorist financing, where at least one of the payment service providers or crypto-asset service providers involved in the transfer of funds or transfer of crypto-assets is established or has its registered office, as applicable, in the Union. In addition, this Regulation lays down rules on internal policies, procedures and controls to ensure implementation of restrictive measures where at least one of the payment service providers or crypto-asset service providers involved in the transfer of funds or transfer of crypto-assets is established or has its registered office, as applicable, in the Union.

## What this means in practice

ToFR has two operative limbs:

1. **Information-with-the-transfer.** Every in-scope transfer must travel with a defined set of identification data about the parties on either end. For funds the parties are the *payer* and the *payee*; for crypto-assets they are the *originator* and the *beneficiary* (see [Art. 3](/tofr/transfer-of-funds-regulation/chapter-i-general-provisions/article-3-definitions.md)).
2. **Restrictive-measures controls.** Every in-scope PSP and CASP must have internal policies, procedures and controls to ensure Union and national restrictive measures are implemented when performing those transfers (operationalised in [Art. 23](/tofr/transfer-of-funds-regulation/chapter-iv-common-measures/article-23-internal-policies-restrictive-measures.md)).

The **Union nexus** for either limb is met where *at least one* of the service providers in the chain is established in the Union (for PSPs) or has its registered office in the Union (for CASPs). For CASPs this aligns with the [MiCA Art. 59(2)](broken://pages/NBDFLWbUi64s4ZHQrtx3) requirement that authorised CASPs have a registered office in a Member State.


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