Home NewsCasino Casino Cosmopol fined SEK2m for failings in AML

Casino Cosmopol fined SEK2m for failings in AML

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Casino Cosmopol will pay a SEK2m (PS154,000/EUR180,000/$200,000) penalty for anti-money laundering (AML) failings following a probe by Swedish regulator Spelinspektionen.

Svenska Spel, a Swedish casino with a land-based brand in Sweden, was also warned by the gambling watchdog.

Spelinspektionen has stated thatCasino Cosmopol failed in “multiple areas” in terms of customer education. In November 2021, the regulator began its investigation with an emphasis on AML customer education efforts.

This investigation also addressed “previous deficiencies regarding certain requirements of the Money Laundering Act”.

Casino Cosmopol Sanctioned

In response to the announcement, the company accepted the sanction but emphasized the historical nature of the issue. Brand added that their current AML policies comply with the requirements.

The brand stated that “Casino Cosmopol is accepting of the criticism”.

As the Gambling Inspectorate stated in their decision, Casino Cosmopol took improvement measures during and after its supervision period. Swedish Gaming Authority has also assessed that Casino Cosmopol is able to adhere to the rules going forward.”

As part of the brand’s new measures, players can now register for gaming tables and machines. The gambling threshold for intervention has also been lowered.

Measures to improve the effectiveness of your measures

The company also improved its system for recording and tracking transactions.

There is also more staff dedicated to monitoring and follow-ups.

Ola Enquist, CEO of the company said: “We are ambitious for our work. We have introduced new tools and procedures that cover all aspects.”

We will fix any shortcomings that haven’t been addressed yet.

Money laundering is an important social issue that needs to be addressed in all possible ways. Now we will carefully examine the Gambling Authority decision.”

Costs of AML

Casino Cosmopol’s Q3 loss was attributed to increased costs associated with social responsibility and AML.

Svenska Spel’s Casino Cosmopol vertical and Vegas slots verticals collectively generated a quarterly net loss of SEK35m. The loss was SEK22m higher than in the same quarter last year. Net gaming revenues in both areas decreased by 11%, to SEK247m.

Svenska Spel changed the opening hours of Casino Cosmopol in October, to compete with restaurant casinos.

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