The gambling regulator in Lithuania has fined Olympic Casino Group as it was found violating the country’s money laundering act. Lithuanian Gaming Control Authority levied a 495,000 euros penalty on Olympic Casino Group Baltija which is the Lithuanian subsidiary of Estonia’s Olympic Entertainment Group.
The Estonia-based Olympic Entertainment Group is also the biggest gaming operator in the Baltic region. The company’s Lithuanian subsidiary was charged for violating the country’s Prevention of Money Laundering and Terrorist Financing laws.
In a statement to the press, explaining the reason for the penalty the authority said that the company was fined as it failed to “verify the identity of three customers who exchanged 42,200 euros in cash for chips at gaming tables in a casino in Panevezys.” The KYC is essential, and any compromise with the regulations amounts to the violation of the strict Money laundering laws in Lithuania.
According to the existing regulations the gaming companies and gambling venue operators need to need to additionally verify the identity of all such customers who exchange more than 1,000 euros in cash to purchase chips. This verification is also required to be done every 24 hours.
In Lithuania violation of this regulation is punishable, and those violating can get fined by up to 1.1 million euros. The minimum penalty is 2,000 euros.