Source: OJ L, 2024/1620, 19.6.2024Current language: EN
- Anti-money laundering
Basic legislative acts
- Anti-money laundering authority regulation (AMLAR)
Article 76 Budget
Summary What does Article 76 of the Anti-money laundering authority regulation (AMLAR) say?
This article lays out the foundational budgetary framework for the Authority.
It establishes that the Authority must operate on a balanced budget, with annual estimates of revenue and expenditure aligned to the calendar year.
The article identifies the multiple sources from which the Authority's revenue can be drawn, spanning Union contributions, fees from obliged entities, voluntary Member State contributions, charges for specific services, and Union grants.
It also broadly categorises what counts as expenditure.
This article works closely with Article 77, which governs the fee-setting methodology in greater detail, and Article 80, which covers budgetary reporting obligations.
Important points:
- The Authority's budget must be balanced, meaning revenue and expenditure must be equal each financial year.
- Revenue comes from a combination of sources, including a Union budget contribution, fees paid by both selected and non-selected obliged entities, voluntary Member State contributions, service charges, and possible Union grants.
- The origin and amount of all non-Union-contribution revenue must be disclosed in the Authority's annual accounts and budgetary management report.
Springlex's summary of the article, a reading aid, not a substitute for the legal text.
Estimates of all revenue and expenditure for the Authority shall be prepared each financial year, corresponding to the calendar year, and shall be shown in the Authority’s budget.
The Authority’s budget shall be balanced in terms of revenue and expenditure.
Without prejudice to other resources, the Authority’s revenue shall consist of a combination of the following:
a contribution from the Union entered in the general budget of the Union;
the fees paid by the selected and non-selected obliged entities in accordance with Article 77, for the tasks mentioned in Article 5(2), points (a), (b) and (c), and Article 5(3), points (a) to (d), (f) and (g);
any voluntary financial contribution from the Member States;
agreed charges for publications, and for training and any other services provided by the Authority where they have been specifically requested by one or more FIUs or their counterparts in third countries or by non-AML/CFT authorities;
possible Union funding in the form of contribution agreements or ad hoc grants in accordance with the Authority’s financial rules referred to in Article 81 and with the provisions of the relevant instruments supporting the policies of the Union.
The amount and origin of any revenue referred to in the first subparagraph, points (b), (c), (d) and (e), of this paragraph shall be included in the annual accounts of the Authority and clearly detailed in the annual report on the Authority’s budgetary and financial management referred to in Article 80(2).
The expenditure of the Authority shall include staff remuneration, administrative and infrastructure expenses and operating costs.
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
supervisor
Definition
financial mixed activity holding company
Definition
non-selected obliged entity
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
property
Definition
competent authority
- a Financial Intelligence Unit (FIU);
- a supervisory authority;
- a public authority that has the function of investigating or prosecuting money laundering, its predicate offences or terrorist financing, or that has the function of tracing, seizing or freezing and confiscating criminal assets;
- a public authority with designated responsibilities for combating money laundering or terrorist financing;
Definition
terrorist financing
Definition
group
Definition
money laundering
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
self-regulatory body
Definition
third country
Definition
non-AML/CFT authority
- a competent authority as defined in Article 4(1), point (40), of Regulation (EU) No 575/2013 of the European Parliament and of the Council(27);
- the European Central Bank (ECB), when it carries out the tasks conferred on it by Regulation (EU) No 1024/2013;
- a resolution authority designated in accordance with Article 3 of Directive 2014/59/EU;
- a designated authority as defined in Article 2(1), point (18), of Directive 2014/49/EU;
- a competent authority as defined in Article 3(1), point (35), of Regulation (EU) 2023/1114.
Definition
funds
Definition
supervisory authority