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.
Failings uncovered during the investigation include:
- Customers classified as low-risk despite meeting high-risk thresholds
- Customers allowed to gamble for more than their agreed limits
- 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).
So far in 2023, gambling regulators across the globe have issued a total of €403,643,692/$442,556,071/£347,467,132 in fines and penalties with Spelinspektionen’s fines making up just over €8.1 million ($8.9 million) of that figure.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.