- The headquarters of the European regulator AMLA with the right to supervise the industry of digital assets will be located in Frankfurt.
- The intergovernmental body will deal with combating money laundering and countering the financing of terrorism.
- The agency will have a staff of 400 people and will start working in 2025.
The headquarters of the new financial regulator of the European Union AMLA will be located in the city of Frankfurt, Germany. The corresponding decision was made by the Council and Parliament of the EC.
Frankfurt took the first place in the vote for the location of the headquarters. In second place was Madrid, and the third place went to Paris. Brussels, Dublin, Rome, Rome, Riga, Vienna and Vilnius also took part in the vote.
The agency will deal with combating money laundering, illegal financial activities and blocking money flows of terrorist organizations. In addition, the AMLA will oversee the industry of digital assets.
According to available information, the agency’s staff will consist of 400 employees. The regulator will start its activities in 2025.
“AMLA will be a game changer in the fight against dirty money in the EU. It will supervise the riskiest financial institutions and play a crucial role in stopping attempts to circumvent targeted financial sanctions,” the parliament said in a statement.
European Commissioner for Financial Services Meirid McGuinness said the EC is working to reduce cash flow risks. As part of these measures, they have introduced a restriction on cash payments by introducing a €10,000 limit.
McGuinness also stated that European authorities are working on the potential threats posed by the crypto industry. In particular, the risks to the EU financial system pose anonymity issues, said the Commissioner.
Recall, we wrote that the media learned about the privacy guarantees of the digital euro.
