Sweden’s gambling regulator, Spelinspektionen, has announced that it has fined Casino Cosmopol AB SEK 2 Million (€179,093/$196,343) for anti-money laundering (AML) failures.
According to the gambling authority’s statement, Spelinspektionen carried out its latest review of the company’s customer awareness and risk profile procedures and protocols in November 2021 following prior failings at the casino.
During the investigation the casino was asked to provide records for eight customers. This was based on the frequency of each customer’s play, deposits and withdrawals.
Swedish Gambling Authority Fines Casino Cosmopol for Serious AML Failures-
Swedish Gambling Authority Fines Casino Cosmopol for Serious AML Failures
Swedish Gambling Authority Fines Casino Cosmopol for Serious AML Failures
- Correct source of funds not provided on several occasions
- Insufficient analysis of customer documentation and proof of income
While the casino staff did intervene and initiate certain AML and affordability checks with customers, the regulator found that in many cases the checks were inadequate.
As a result, Spelinspektionen issued a warning and fined Casino Cosmopol AB SEK 2 million (€179,093/$196,343).
Swedish Gambling Authority Fines Casino Cosmopol for Serious AML Failures with Spelinspektionen’s fines making up just over €8.1 million ($8.9 million) of that figure.