It will be quick and easy to establish AMLA in Frankfurt
AMLA is expected to be operational on 1 January 2024. Frankfurt will ensure that expectations are met right from the start – the swift set-up of the SSM is just one example of Frankfurt’s and Germany’s experience and reliability in hosting international authorities and institutions.
AMLA will be operational in Frankfurt from day one
To perform its duties effectively, efficiently and in a timely manner, it is essential that AMLA is based in a location that enables it to develop its full potential and quickly take EU-wide action where necessary.
Institutional support from the ECB during set-up and strong synergies with the SSM in ongoing supervision: only in Frankfurt
Here are just a few reasons why Frankfurt is the right choice:
- With its proximity to the ECB, a wide talent pool, sustainable office spaces and outstanding public transport links, Frankfurt offers a strong foundation for AMLA’s success.
- Close cooperation with, and proximity to, experienced EU supervisory authorities will enable synergies in prudential and AML supervision that only Frankfurt can offer.
- The successful set-up of the Single Supervisory Mechanism (SSM) has proven that locating in Frankfurt allows a European supervisor to act effectively from day one. Frankfurt stands ready to facilitate the best possible start for AMLA, too.
- Germany’s application is jointly supported by the German federal government, the state of Hesse and the city of Frankfurt. Setting up AMLA in Frankfurt is a declared goal of all the parties in Germany’s coalition government and is included as an objective in the coalition agreement. All this will ensure AMLA’s operational capability in Frankfurt as of day one.
Availability of properties well suited to AMLA’s requirements
Frankfurt has a dynamic real estate market with 140,000 m² of new office space completed in 2022, adding to the 11.7 million m² already available. Most of the office space is located centrally between the city centre and the headquarters of the European Central Bank (ECB). The modern offices meet all the latest sustainability, security and comfort requirements. With at least 260 certified sustainable buildings or buildings registered for certification, Frankfurt is Germany’s capital of green buildings. However, prices remain competitive: the top rent for office space is €46.80 per m², while the average rent is €23.80 per m². Office space in Frankfurt is therefore more affordable than in other EU metropolitan regions. AMLA will therefore find a plentiful supply of sustainable, modern and affordable commercial real estate in Frankfurt. The agency will have the option of starting with a small office for the first employees and reserving more space for further expansion.
Frankfurt has outstanding accommodation infrastructure to host AMLA’s guests
Frankfurt and its surroundings meet all the requirements for professional conferencing and pleasant short-term work stays for AMLA’s guests:
- The Frankfurt metropolitan area offers an attractive hotel landscape that is well suited for conferencing, business trips and other needs. The city alone has 275 hotels and other overnight facilities providing more than 55,000 beds.
- Frankfurt also has a large supply of furnished apartments for short-term rent. Tenants can make use of a wide range of services provided (e.g. cleaning and laundry services).
- The existing accommodation capacity in Frankfurt can already satisfy AMLA’s future annual demand for hotel bookings and other short-term rentals – and at very competitive prices compared to other European destinations.
Support for AMLA personnel moving to Frankfurt
When future AMLA employees relocate to Frankfurt, they can rely on comprehensive advice and support from the Frankfurt Economic Development agency. With the ECB, SSM and EIOPA, similar relocation processes have already been carried out successfully in the city – Frankfurt clearly has the required experience. Moreover, Frankfurt Economic Development offers support with visa and residence permit procedures for third-country family members, for example. Assistance connecting with international communities can also be provided.
A welcome tour of Frankfurt combining tourist attractions with practical tips was well received by ECB staff in the past and will also be offered to future AMLA staff
Additionally, there are a large number of relocation services in Frankfurt providing support with moving, accommodation, childcare, schooling, sports, etc.
The German federal government offers its full support
An AMLA headquarters agreement describing the treatment of the agency, its bodies and its employees by the host state (Germany) would be concluded swiftly. This agreement will be worked out in accordance with Protocol No. 7 on the privileges and immunities of the European Union. The Protocol generally ensures such privileges and immunities as are necessary for the performance of the EU agency’s tasks. Among other things, the agreement will cover the inviolability of the premises, diplomatic privileges and immunity for the staff, and framework conditions such as schooling for staff family members. The German federal government offers its full support in this matter.