Spelinspektionen charges Casino Cosmopol with penalty fee following AML failures

Updated:2024-03-31 08:25    Views:111

The Spelinspektionen, the Swedish Gambling Authority, has delivered a warning and penalty fee to Casino Cosmopol.

On concluding the investigation, the Spelinspektionen has decided to issue a penalty of SEK 2m ($196,808) to the operator and an official warning.

Out of the 100 customers the Spelinspektionen requested records on, the authority focused on eight cases in particular to highlight the failings of the casino.

One customer, who first visited Casino Cosmopol in November 2011, was known as a big player who would use predominantly cash at the venue. Despite playing with SEK 45,000 multiple times a week on average, the customer was listed as having an income of SEK 30,000 per month.

In addition, the customer had also stated that the money was taken from loans for the purpose of gambling. Casino Cosmopol had judged that the customer had valid explanations for their income and took no further action.

On November 3, 2021, the same customer lost SEK 240,Online Casino Games for Real Money000 in one day.

Another customer ended their voluntary suspension and went on to play around twice a week and spend up to SEK 50,000 each visit, despite only having a gross income of around SEK 30,000 a month. When Casino Cosmopol requested proof of income, the customer stated that they had also taken out loans to fund the gambling, which the operator accepted as suitable.

A third customer would play using around SEK 45,000 each visit, although when asked, admitted that they did not have a job but did have an an average income of over SEK 100,000 per month.

A fourth failing was found in another customer who had made regular withdrawals in cash from the casino. It was found that this customer had an aggregate loss of SEK 1.1m, but a corporate disclosure found that the customer's company had made share dividends towards Casino Cosmopol.

In addition, the customer was married to the person who owned the auditing company involved with the company.

This comes only a day after the Kansspelautoriteit (KSA) updated its Money Laundering and Terrorist Financing (Prevention) Act to better tackle the changing industry.

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