The Swedish Gambling Authority, Spelinspektionen, has imposed a fine of SEK 2 million (€179,093/$196,343) on Casino Cosmopol AB

The Swedish Gambling Authority, Spelinspektionen, has imposed a fine of SEK 2 million (€179,093/$196,343) on Casino Cosmopol AB, citing serious deficiencies in its anti-money laundering (AML) measures. The regulatory action follows a thorough review conducted by Spelinspektionen in November 2021, prompted by previous lapses at the casino.

During the investigation, Spelinspektionen scrutinized the company's customer awareness and risk profile procedures, focusing on the records of eight selected customers. The findings revealed a series of AML failures, including customers being misclassified as low-risk despite meeting high-risk criteria, allowing customers to exceed their agreed-upon gambling limits, and a lack of accurate reporting on the source of funds in several instances.

Additionally, the examination highlighted insufficient analysis of customer documentation and proof of income.

Despite some attempts by casino staff to initiate AML and affordability checks, the regulatory body concluded that these interventions were often inadequate. In response to these shortcomings, Spelinspektionen issued a warning to Casino Cosmopol AB and imposed a fine of SEK 2 million.

In 2023, global gambling regulators have collectively levied fines and penalties totaling €403,643,692/$442,556,071/£347,467,132. Spelinspektionen's recent fines contribute just over €8.1 million ($8.9 million) to this cumulative figure, underscoring the significant role regulatory bodies play in upholding AML standards within the gambling industry.

By fLEXI tEAM