Who charges Dishonour fee?

Who exactly is responsible for charging the Dishonour fee? Is it the bank that issued the payment instrument, or is it the recipient who did not receive the funds as expected? Could there be instances where both parties are involved, or are there specific rules that dictate who bears the burden of this fee? I'm particularly curious about the criteria used to determine who is liable for this charge, and if there are any exemptions or exceptions to the rule. Additionally, are there any legal frameworks or regulations in place that govern the charging of Dishonour fees, and how do they ensure transparency and fairness for all parties involved?