The EU plans to set up a financial regulatory agency AMLA in Frankfurt to combat illegal financial activities

The European Union plans to set up a financial regulator, AMLA, in Frankfurt to oversee institutions' compliance with regulations to combat illegal financial activities in the 27 EU countries. The regulator plans to oversee credit and financial institutions operating in more than six EU countries and will refine its standards by 2025. It is expected that from 2026 AMLA will regulate 40 of the riskiest financial institutions. However, the final implementation of the regulations requires the approval of the European Parliament’s final vote and the approval of the European Council. (Dlnews)