Sweden’s Administrative Court in Linköping has overturned a decision made by the country’s gambling regulator to fine Casino Cosmopol. Last year, the Swedish gambling regulator had fined Casino Cosmopol SEK 8m ($880,000).
Casino Cosmopol is the land-based subsidiary of state-owned gambling monopoly Svenska Spel. The gambling operator was fined for being lax in implementing anti-money laundering measures.
The gambling regulator had said that Casino Cosmopol lacked in its “efforts to counter money laundering and terrorist financing in all audited areas. The shortcomings are serious and in many cases of a systematic nature.”
However, upon hearing, the court reversed its decision and lowered the fine to SEK 3m.
In a media release announcing the decision, it was stated: “The administrative court has essentially accepted the deficiencies identified by the Spelinspektionen and considered that there is a reason to decide that the company should pay a penalty fee.
“However, based on an assessment of the nature, nature, and extent of the violations, the administrative court has reduced the penalty fee to SEK 3m.”
“It is obvious for Casino Cosmopol to follow the money-laundering rules and we consider it vital to help prevent money laundering in all its forms,” explained Per Jaldung, chief executive officer of Casino Cosmopol.
“In all the years we have pursued our four casinos, we have had the perception that we are following the money-laundering legislation. We have staff who work daily with questions. We have clear instructions and training all staff so they know how to act.
“All guests must show identification before entering the casinos and visits are recorded. We monitor, review and report suspicious transactions to the financial intelligence [department]. Our efforts to combat money laundering are ongoing.”
The Swedish gambling regulator is planning to appeal the court’s decision.