The European Union’s new Anti-Money Laundering Authority (AMLA) is expected to shift its headquarters to Frankfurt, financial capital of Germany. It is believed that headquarters will start its work by mid-2025, stated Cointelegraph.
Sources revealed that the AMLA can supervise “high-risk and cross-border financial entities” including crypto firms, if they operate across borders or are considered high-risk. It will coordinate its oversight activities with financial intelligence units and regulators in other EU countries.
On February 22, 2024, with insights from a release by the Council of the EU and the European Council, Frankfurt was the city of choice for the new agency’s headquarters. It is believed that the shortlist of alternative locations included Brussels, Dublin, Madrid, Paris, Rome, Riga, Vilnius and Vienna, among others.
The AMLA’s general board is expected to include representatives from regulators and financial intelligence units of all EU member states. Furthermore, the governing body and the executive board will include the chair and five independent full-time members, concluded Cointelegraph.
(With insights from Cointelegraph)
