Kangwon Land in South Korea has been fined for failing to properly verify or report 11 casino transactions from 2022 to 2024, in violation of anti-money laundering protocols.
The South Korea Financial Intelligence Unit (FIU) imposed fines of KRW564 million ($382,400) against parent company Kangwon Land Inc. The transactions made by seven patrons had a total value of at least KRW110 million (approximately $74,500).
The FIU also cited Kangwon Land for inconsistencies in data management. During the same period from 2022 to 2024, the casino failed to retain almost 30,000 financial transaction records.
It did not retain more than 43,000 customer ID documents for the mandatory minimum period. Moreover, according to the FIU, in nearly 68,000 cases Kangwon Land did not conduct due diligence to identify non-members.
The FIU has ordered the company to improve its KYC protocols and maintain financial reports as required.
Joining the fight vs. illegal online gambling
In related news, Kangwon Land has agreed to work with South Korea’s Game Rating and Administration Committee (GRAC) and Gangwon police to stamp out illegal online gambling.
According to Inven Global, under an agreement announced 15 April, the partners will share intelligence; collaborate on enforcement; and work together on public awareness and player protection.
“Illegal gambling directly leads to user harm,” said GRAC Chairman Seo Tae-geon. “Real results can only be achieved when institutional oversight, law enforcement and on-site protection work in tandem. Through this agreement, we will integrate our respective functions to strengthen cooperation and create a safe, healthy gaming environment for the public.”
Kangwon Land, located in remote Gangwon Province, is the only casino in South Korea open to local gamblers. To grow its client base, in 2024 the property won government approval to add a second casino, upgrade its existing resort and build a new KRW2.5 trillion luxury hotel. Phase 1 of the project will be complete in 2028.
Marjorie Preston
Marjorie began her gaming career in 2007 and has focused on Asian gaming markets since 2020. Outside of work, she writes about travel and film and plays the drums.
Original article: https://igamingbusiness.com/legal-compliance/kangwon-land-fined-krw564-million-for-aml-non-compliance/
