Casino Cosmopol has been sanctioned due to AML failures.

The Swedish Gambling Authority fined Casino Cosmopol, a Svenska Spel subsidiary, £154,000 due to shortcomings in anti-money laundering and terrorist financing measures.

The penalty follows an investigation initiated in November 2021, focusing on eight customers gaming behavior, spending and winnings.

It was noted that Casino Cosmopol took AML actions only after significant losses or substantial wins, rather than proactively assessing and addressing potential risks.

 

[CR7]

It is indeed concerning to hear about the shortcomings in anti-money laundering (AML) and terrorist financing measures at Casino Cosmopol, leading to the imposition of a fine by the Swedish Gambling Authority. The fact that the investigation specifically looked into the gaming behavior, spending, and winnings of eight customers indicates that there were specific concerns regarding these individuals.

The criticism leveled against Casino Cosmopol regarding their AML actions is troubling. Proactive assessment and addressing of potential risks are essential in preventing money laundering and other illicit activities in the gambling industry. It is crucial for casinos to have stringent and effective AML procedures in place to detect and prevent any suspicious transactions.

Taking AML actions only after significant losses or substantial wins suggests a reactive approach rather than a proactive one. This reactive stance may leave the door open for potential money laundering activities to go undetected or unaddressed for extended periods.

The fine imposed by the Swedish Gambling Authority, amounting to £154,000, serves as a reminder that operators must prioritize AML compliance and take swift action to rectify any deficiencies. The penalty not only acts as a punitive measure but also sends a message to other gambling establishments about the importance of maintaining robust AML measures.

It remains to be seen how Casino Cosmopol and Svenska Spel, as the parent company, will respond to the sanctions. They will likely need to undertake an in-depth review of their AML procedures to ensure that similar lapses do not occur in the future. A comprehensive approach that encompasses ongoing monitoring, staff training, and the adoption of industry best practices will be necessary to restore confidence in the casino's AML efforts.

Ultimately, it is essential for the gambling industry as a whole to prioritize AML and terrorist financing measures to maintain the integrity of the sector and safeguard against illicit activities. Customers also benefit from these measures as they can enjoy a safer gambling environment.