Casino Cosmopol, the Swedish land based subsidiary of state owned Svenska Spel, has fallen foul of the country’s regulatory body, regrading violations in its effort to combat money laundering.
“Shows that casino Cosmopol is lacking in its efforts to counter money laundering and terrorists financing in all audited area. The shortcomings are serious and in many cases of a systematic nature”.
Amongst further significant areas of concern regarding the casino operator, who hosts international venues within the City’s of Sundsvall, Malmo and Stockholm, are risk based routines, business relations and customers awareness measures, obligations to deny transaction and keeping accurate documentation.
“When the Camera Monitor from the Casinos monitoring is automatically deleted after seven days, as a result, it is not possible to follow the audited customers previous visit to the casino”.
It went on to reference one particular customer who had been reported to the Finance Department for suspected money laundering three times in 2016/17, who was considered to be low risk of money laundering, rendering the Casino’s risk model to be of no relevance”.
Responding to the penalty, Per Jaldung, CEO of Casino Cosmopol, stated: “Our measure to count money laundering is an ongoing development which we continously improve.
” In Dialouge with gaming board, we have stated that we are in the implementation and development phase. We are aware of the improvements that needs to be implemented, we have a plan for this and it is a top priority for our business.
The regulators stated that significant improvements need to be made regarding anti money laundering measures, should the organisation see it previously submitted license for the country’s newly regulated gambling market be approved.