FIU Issues Institutional Warning and Imposes Fine on Casino Company Suspected of Money Laundering
Financial authorities have identified a casino operator suspected of money laundering, issuing a formal warning to the institution and imposing fines totaling over 1 billion KRW.
According to financial sources on the 5th, the Financial Intelligence Unit (FIU) under the Financial Services Commission conducted an inspection of the casino operator Golden Crown and issued a formal warning for violations including failure to fulfill customer verification obligations and failure to report high-value cash transactions. Additionally, a fine of 1,047,100,000 KRW was imposed, and one executive received a cautionary warning.
Golden Crown was found to have failed to verify customers' phone numbers, addresses, and contact information during the customer identification process from July 2019 to December of last year. It was also reported that from July 2019 to April of this year, the company did not verify the occupations of 58 customers considered high-risk for money laundering activities.
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Furthermore, the company was criticized for delayed reporting of 13 high-value cash transactions exceeding the reporting threshold that occurred during chip exchanges or purchases from January to July 2019.
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