Source: OJ L, 2024/1620, 19.6.2024Current language: EN
- Anti-money laundering
Basic legislative acts
- Anti-money laundering authority regulation (AMLAR)
Article 64 Tasks of the Executive Board
Summary What does Article 64 of the Anti-money laundering authority regulation (AMLAR) say?
This article is a foundational governance article that establishes the Executive Board as the primary decision-making body of the Authority.
It sets out the Executive Board's broad mandate: overall planning and execution of the Authority's tasks, adopting decisions addressed to selected obliged entities and individual public authorities, and handling the full range of internal administrative functions.
It is closely connected to Article 60, which carves out a specific set of decisions reserved for the General Board, making this article effectively define the Executive Board's residual but substantial decision-making scope.
Important points:
- The Executive Board is responsible for all decisions of the Authority except those explicitly reserved for the General Board under Article 60.
- The Executive Board must provide detailed written reasons if it deviates from a General Board opinion when adopting decisions addressed to selected obliged entities.
- The Executive Board selects a Vice-Chair from among its voting members, who automatically steps in if the Chair is unable to perform their duties.
Springlex's summary of the article, a reading aid, not a substitute for the legal text.
The Executive Board shall be responsible for the overall planning and execution of the tasks conferred on the Authority pursuant to Article 5. The Executive Board shall adopt all decisions of the Authority with the exception of the decisions that are to be taken by the General Board in accordance with Article 60.
The Executive Board shall adopt the decisions addressed to selected obliged entities for the purposes of the exercise of the powers referred to in Article 6(1), taking into account the proposal of the selected obliged entity’s joint supervisory team referred to in Article 16, the proposal of the independent investigatory team referred to in Article 27, and the opinion provided by the General Board on that proposed decision pursuant to Article 60(2). Where the Executive Board decides to deviate from such an opinion, it shall provide detailed reasons thereof in writing.
The Executive Board shall adopt the decisions addressed to individual public authorities pursuant to Articles 14, 30, and 32 to 36.
In addition, the Executive Board shall have the following tasks:
adopt, by 30 November of each year, on the basis of a proposal by the Executive Director, the draft single programming document in accordance with Article 65, and transmit it, for information to the European Parliament, the Council and the Commission by 31 January of the following year, as well as adopt and transmit any other updated version of the document;
adopt the draft annual budget of the Authority and exercise other functions in respect of the Authority’s budget;
assess and adopt a consolidated annual report on the Authority’s activities, including an overview of the fulfilment of its tasks, transmit it, by 1 July of each year, to the European Parliament, the Council, the Commission and the Court of Auditors, and make it public;
adopt an anti-fraud strategy, proportionate to fraud risks, taking into account the costs and benefits of the measures to be implemented;
adopt rules for the prevention and management of conflicts of interest in respect of its members, as well as the members of the Administrative Board of Review;
adopt its rules of procedure;
exercise, with respect to the staff of the Authority, the appointing authority powers;
adopt appropriate implementing rules for giving effect to the Staff Regulations and the Conditions of Employment of Other Servants in accordance with Article 110(2) of the Staff Regulations;
appoint the Executive Director and remove him or her from office in accordance with Article 70(5);
appoint an accounting officer, who may be the Commission’s accounting officer, subject to the Staff Regulations and the Conditions of Employment of Other Servants, who shall be fully independent in the performance of his or her duties;
ensure adequate follow-up to findings and recommendations stemming from the internal or external audit reports and evaluations, as well as from investigations of OLAF;
adopt the financial rules applicable to the Authority;
take all decisions on the establishment of the Authority’s internal structures and, where necessary, on their modification.
The Executive Board shall select a Vice-Chair of the Authority from among its voting members. The Vice-Chair shall automatically replace the Chair of the Authority if the Chair is unable to attend to his or her duties.
With respect to the powers referred to in paragraph 4, point (h), of this Article, the Executive Board shall adopt, in accordance with Article 110(2) of the Staff Regulations, a decision based on Article 2(1) of the Staff Regulations and Article 6 of the Conditions of Employment of Other Servants, delegating relevant appointing authority powers to the Executive Director. The Executive Director shall be authorised to sub-delegate those powers.
In exceptional circumstances, the Executive Board may, by way of a decision, temporarily suspend the delegation of the appointing authority powers to the Executive Director and any sub-delegation by the Executive Director and exercise them itself or delegate them to one of its members or to a staff member other than the Executive Director.
Springlex and this text is meant purely as a documentation tool and has no legal effect. No liability is assumed for its content. The authentic version of this act is the one published in the Official Journal of the European Union.
Definition
crypto-asset services
Definition
financial mixed activity holding company
Definition
crypto-asset service provider
Definition
credit institution
- a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013;
- a branch of a credit institution, as defined in Article 4(1), point (17), of Regulation (EU) No 575/2013, when located in the Union, whether its head office is located in a Member State or in a third country;
Definition
parent undertaking
- for groups whose head office is located in the Union, an obliged entity that is a parent undertaking as defined in Article 2, point (9), of Directive 2013/34/EU that is not itself a subsidiary of another undertaking in the Union, provided that at least one subsidiary undertaking is an obliged entity;
- for groups whose head office is located outside of the Union, where at least two subsidiary undertakings are obliged entities established in the Union, an undertaking within that group established in the Union that:
- is an obliged entity;
- is an undertaking that is not a subsidiary of another undertaking that is an obliged entity established in the Union;
- has a sufficient prominence within the group and a sufficient understanding of the operations of the group that are subject to the requirements of this Regulation; and
- is given the responsibility of implementing group-wide requirements under Chapter II, Section 2 of this Regulation;
Definition
selected obliged entity
Definition
crypto-asset
Definition
establishment
- a branch or subsidiary;
- in the case of credit institutions and financial institutions, an infrastructure qualifying as an establishment under prudential regulation;
Definition
property
Definition
group
Definition
financial institution
- an undertaking other than a credit institution or an investment firm, which carries out one or more of the activities listed in points (2) to (12), (14) and (15) of Annex I to Directive 2013/36/EU of the European Parliament and of the Council(32), including the activities of currency exchange offices (bureaux de change), but excluding the activities referred to in point (8) of Annex I to Directive (EU) 2015/2366, or an undertaking the principal activity of which is to acquire holdings, including a financial holding company, a mixed financial holding company and a financial mixed activity holding company;
- an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC of the European Parliament and of the Council(33), insofar as it carries out life or other investment-related assurance activities covered by that Directive, including insurance holding companies and mixed-activity insurance holding companies as defined, respectively, in Article 212(1), points (f) and (g), of Directive 2009/138/EC;
- an insurance intermediary as defined in Article 2(1), point (3), of Directive (EU) 2016/97 where it acts with respect to life insurance and other investment-related insurance services, with the exception of an insurance intermediary that does not collect premiums or amounts intended for the customer and which acts under the responsibility of one or more insurance undertakings or intermediaries for the products which concern them respectively;
- an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU of the European Parliament and of the Council(34);
- a collective investment undertaking, in particular:
- an undertaking for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC and its management company as defined in Article 2(1), point (b), of that Directive or an investment company authorised in accordance with that Directive and which has not designated a management company, that makes available for purchase units of UCITS in the Union;
- an alternative investment fund as defined in Article 4(1), point (a), of Directive 2011/61/EU and its alternative investment fund manager as defined in Article 4(1), point (b), of that Directive that fall within the scope set out in Article 2 of that Directive;
- a central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014 of the European Parliament and of the Council(35);
- a creditor as defined in Article 4, point (2), of Directive 2014/17/EU of the European Parliament and of the Council(36) and in Article 3, point (b), of Directive 2008/48/EC of the European Parliament and of the Council(37);
- a credit intermediary as defined in Article 4, point (5), of Directive 2014/17/EU and in Article 3, point (f), of Directive 2008/48/EC, when holding the funds as defined in Article 4, point (25), of Directive (EU) 2015/2366 in connection with the credit agreement, with the exception of the credit intermediary carrying out activities under the responsibility of one or more creditors or credit intermediaries;
- a crypto-asset service provider;
- a branch of a financial institution referred to in points (a) to (i), when located in the Union, whether its head office is located in a Member State or in a third country;
Definition
third country
Definition
funds