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Exciting developments in the fight against financial crime as Frankfurt emerges as the chosen host for the European anti-money laundering authority, AMLA. Last week, the Council and European Parliament sealed the deal on the authority’s seat, marking a milestone in the EU’s efforts to strengthen its anti-money laundering framework.
Set to kick off operations in mid-2025, AMLA will call Frankfurt its home employing over 400 dedicated staff members. This strategic move positions Frankfurt at the forefront of anti-money laundering initiatives and reflects the city’s prominence in the European financial landscape.
AMLA is not just a symbolic gesture. It is set to be the linchpin in the EU’s anti-money laundering overhaul, boasting direct and indirect supervisory powers over obligated entities. Moreover, it gains the authority to impose sanctions and measures, marking a significant step towards a robust regulatory framework.
The Council and the Parliament collaborated to ensure a transparent and fair selection process for AMLA’s location. The final agreement was reached in an informal inter-institutional meeting, underscoring the commitment to fairness and equity in the decision-making process.
This announcement follows the provisional agreement on the AMLA regulation reached on December 13, 2023. The process involved joint criteria for seat selection, applications from nine member states, eligibility assessments by the Commission, and public hearings. The culmination of these efforts sets the stage for AMLA’s pivotal role in combating money laundering and terrorist financing.
As AMLA gears up to fortify the EU’s anti-money laundering framework, ComplyRadar stands ready to empower financial institutions. Our advanced transaction monitoring solution ensure seamless compliance, real-time monitoring, and effective risk management. Together, let’s build a resilient and transparent financial ecosystem.
