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🌐 It’s official! The EU's new Anti-Money Laundering Authority (AMLA) will be hosted in Frankfurt! Its purpose will be to unify AML enforcement across the EU, and to directly supervise large regulated actors, including crypto exchanges 🌐 🔑Key highlights: 1️⃣ Winning Host City (Frankfurt): AMLA's headquarters in one location centralises the EU's AML efforts, creating a single point of authority with far-reaching implications for financial institutions across the bloc. 2️⃣ Impact on Large Regulated Actors: AMLA will have a profound impact on banks, financial institutions, Electronic Money Institutions (EMIs), and notably, Crypto-Asset Service Providers (CASPs) under the Markets in Crypto-Assets (MICA) regulation. The authority's direct supervision will ensure stringent compliance, especially for entities operating across multiple Member States. 3️⃣ Purpose and Tasks: AMLA's creation is driven by the need for a unified regulatory approach to combat ML / TF effectively. Its tasks include establishing a central database for AML monitoring, direct supervision of high-risk entities, and enhancing coordination among national regulators. 4️⃣ Powers: With the authority to request information, issue guidelines, and enforce compliance through fines and direct actions, AMLA is poised to become a regulator “with teeth” to enforce AML regulation coherently across the EU. 5️⃣ Impact on Large Crypto Institutions: Crypto exchanges and related financial actors will face increased scrutiny, with AMLA's direct supervision ensuring that these entities adhere to the highest standards of AML compliance. 6️⃣ Timeline: The proposal for AMLA was introduced on 20.07.2021, with formal adoption expected in Q2 2024. The authority is set to be fully operational by 31 December 2025, marking a new era in EU AML regulation. The avroytech team will keep monitoring this for you - watch this space! #AMLA #FinancialRegulation #CryptoRegulation #EU #AML #Compliance #AvroyTech #Fintech #EuropeanUnion Tommaso Astazi Antonio Lanotte Jimmie Franklin Inbar Preiss Mikko Ohtamaa Maha Al-Saadi Dina White Benjamin K. E. Ross Benjamin Whitby Loïc Staub Pierre Simon Isabella Chase Javier Tamashiro Jan Ceyssens Peter Kerstens Elizaveta Palaznik Raphael Delli Carsten Hess Hubert de Vauplane Charles Kerrigan Tom Marshall Jean-Christophe Vercauteren Joan Carette Philippe De Prez Mark Aruliah Mark Foster Coraline Bardinat Krista Severev Nicolas Papavoine Rutt Mölter Alexey Shapkin, PhD Alexia URI Amanda Dakouré Ana Carolina Oliveira (PhD) Lawrence McCurrach Ralph Rirsch Kjeld Herreman Alina A Varkki-Puzinas Julian Flamant