Frankfurt Chosen as Headquarters for European AMLA

A New Era in Anti-Money Laundering: Frankfurt Chosen as Headquarters for European AMLA

Join us as we explore the significant development in the fight against financial crime with the selection of Frankfurt as the headquarters for the new European Anti-Money Laundering Authority (AMLA) by the European Gaming and Betting Association (EGBA).

The establishment of the European AMLA marks a pivotal moment in the ongoing reform of the European Union’s anti-money laundering framework. With Frankfurt chosen as its seat, the AMLA is poised to play a central role in enhancing oversight and coordination of anti-money laundering efforts across EU member states.

The European Gaming and Betting Association (EGBA) recently announced Frankfurt as the designated location for the European Anti-Money Laundering Authority (AMLA). This decision underscores Frankfurt’s significance as a financial hub within Europe.

Operating alongside existing national anti-money laundering authorities, AMLA is slated to commence operations in mid-2025. With direct and indirect supervisory powers, AMLA will be empowered to intervene in cross-border cases, bolstering the EU’s anti-money laundering infrastructure.

In preparation for AMLA’s establishment, EGBA has developed industry-specific guidelines to assist online gambling operators in complying with anti-money laundering regulations. Member engagement in regular discussions on guideline implementation and submission of annual progress reports will be mandatory.

Dr. Ekaterina Hartmann, EGBA’s Director of Legal and Regulatory Affairs, expressed enthusiasm for Frankfurt’s selection, citing its status as a financial epicenter. She highlighted the importance of industry collaboration with AMLA to ensure effective representation and contribution to anti-money laundering discussions at the EU level.

Moreover, the standardisation of Suspicious Transaction Reports (STRs) is poised to benefit gambling operators, particularly those operating across multiple EU jurisdictions. The harmonisation of reporting formats will streamline compliance efforts and raise industry standards in line with forthcoming EU AML regulations.

In related legal developments, the Swedish Trade Association for Online Gambling has voiced opposition to proposed credit card gambling bans in Sweden, signalling ongoing regulatory debates within the gambling sector.