EU’s new AML watchdog to be based in Frankfurt
Frankfurt beat bids from Madrid, Paris, Rome, and five other cities to host AMLA, a new 400-member agency whose anti-money laundering mandate will include digital assets.
Frankfurt beat bids from Madrid, Paris, Rome, and five other cities to host AMLA, a new 400-member agency whose anti-money laundering mandate will include digital assets.
The AML regulation is part of an increased effort to combat sanctions evasion, terrorist financing, and money laundering, which was given urgency in light of Hamas financing through digital assets.
Digital currency businesses will soon face much stricter oversight in the European Union via the formation of a new cross-border regulatory body to tackle digital currency-based money laundering.
On July 4, members of the European Parliament proposed new amendments to the EU's anti-money laundering legislation which would bring NFT exchanges within the bloc's new AML/CFT framework.
The establishment of a comprehensive AML/CFT authority in the EU has been telegraphed by European political leaders for some time and was formally proposed by the European Commission in July 2021.