Kangwon Land fined $2.39 mln for 182 AML violations

Kangwon Land Co., Ltd., the company behind Kangwon Land Casino, the only resort in Korea where local citizens can enter and gamble, was fined a total of 3.23 billion won for 182 violations of the Anti-Money Laundering (AML) Act.

The violation occurred last year, but the violation was reported at an audit by the Financial Intelligence Unit (FIU), a public institution under the Financial Services Commission, held at the Korean National Assembly on October 24. 카지노사이트

Kangwon Land Co., Ltd. confirmed the fine in June 2023, officially paying 2.58 billion won, a 20% reduction, to inform the Financial Intelligence Institute of its decision not to dispute the findings. In this regard, combined with the information provided at the previous National Assembly hearing, Kangwon Land “faced with 181 violations related to customer due diligence.”Noting that, Kangwon Land is believed to have failed to verify information about the customer’s identity regarding winning jackpots or selling casino chips. However, this is not the only case because there has been one case involving false information regarding the customer’s registration.

51% of Gangwon Land Corporation is owned by 4 metropolitan governments, Gangwon-do Development Corporation established by Gangwon-do Provincial Government, and Korea Mineral Resources Corporation under the Ministry of Knowledge Economy, which has a government-level credit rating and practices fair and transparent management in development projects and business operations.

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