The SGA has fined On line casino Cosmopol over AML and terrorist financing failures. [Image: Shutterstock.com]
Svenska Spel subsidiary On line casino Cosmopol has discovered itself on the mercy of the Swedish Playing Authority (SGA) as soon as extra over anti-money laundering and terrorist financing failures. The playing firm should pay an SEK2m ($196,195) sanction to the regulator.
On line casino Cosmopol operates 4 casinos in Sweden. The SGA investigated the corporate’s practices and processes for AML and participant safety starting in November 2021.
Prospects have thus been capable of perform transactions amounting to important sums”
The SGA discovered that On line casino Cosmopol did take motion to confirm the supply of funds however solely in particular circumstances. The corporate would examine if the shopper had incurred excessive losses, however wouldn’t probe if that they had been profitable, even when that they had deposited a considerable quantity. “Prospects have thus been capable of perform transactions amounting to important sums” earlier than the corporate took motion, stated the regulator.
In response, Svenska Spel stated it “accepts the criticism” and confirmed that it had already “applied a lot of enchancment measures that had the supposed impact.”
This isn’t the primary time On line casino Cosmopol has skilled the wrath of the SGA. The corporate needed to pay SEK8m ($784,971) in 2018 for comparable errors. That point, its casinos did not file taking part in exercise, notably of high-rollers who had been spending large cash on slot machines.