Kangwon Land Inc, the operator of South Korea’s only casino open to locals within a resort complex, has been fined a total of KRW3.23 billion (US$2.39 million) for 182 violations of anti-money laundering (AML) regulations. These breaches occurred in 2022 but were only disclosed during an audit hearing at the National Assembly.
The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission reported the violations. In June of this year, the casino company settled the fine by paying KRW2.58 billion, accepting a 20% discount without challenging the FIU’s findings.
During the National Assembly hearing, Kangwon Land Inc faced 181 violations related to customer due diligence. These included failure to verify customer identities in casino-chip sales or jackpot wins and one case of alleged fake customer information.
The customer due diligence violations involved failing to verify the source of transaction funds for 23 customers, altering information for 16 customers, deleting information for 158 customers, and not maintaining required customer records for five years.
Furthermore, Kangwon Land Inc received a “D” grade in the government’s annual public organization performance evaluation, which cited reasons such as a lack of customer-attracting content, inefficient labor costs, allegations of workplace harassment, and corruption in staff recruitment.
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}