Frankfurt to Host New EU Money Laundering Watchdog Tasked With Monitoring Crypto
The European Union (EU) has chosen Frankfurt, Germany, as the location for its new Anti-Money Laundering Authority (AMLA). The AMLA will oversee the crypto sector and ensure compliance with all anti-money laundering and counter-terrorist financing obligations agreed by the EU. The AMLA is part of a legislative package aimed at combating money laundering and terrorism financing across the EU, which includes a single rulebook for all members. The EU has also revised its transfer of funds rules to allow for the tracing of crypto transactions. The AMLA is ready to start its work immediately. The EU is finalizing its Anti-Money Laundering regulatory framework, which addresses customer due diligence and transfer limits. Frankfurt was chosen over nine other EU cities, including Rome and Paris, through a joint vote of the European Parliament and Council.
