Spelinspektionen Fines Casino Cosmopol SEK2m for AML Breaches

Spelinspektionen, Sweden’s gambling regulator, has handed down a SEK2 million (€180,000) penalty and a warning to Svenska Spel’s Casino Cosmopol for breaching anti-money laundering (AML) rules. This enforcement action underscores the regulator’s commitment to upholding stringent compliance standards in the Swedish gambling industry.

Casino Cosmopol faces a substantial fine from Spelinspektionen for AML violations, signaling a rigorous regulatory stance in Sweden’s gambling sector.

Following an investigation initiated in November 2021, Spelinspektionen found that Casino Cosmopol had failed in its know-your-customer procedures and identified past shortcomings concerning Sweden’s Money Laundering Act. This finding reflects the regulator’s vigilance in monitoring and enforcing AML regulations within the land-based casino sector.

In response to the regulator’s findings, Casino Cosmopol has acknowledged the issues and emphasized their pertinence to past practices. The brand has since implemented several improvement measures, including player registration for gaming machines and tables, lowered intervention thresholds, enhanced staff training on AML measures, and increased dedicated monitoring staff. This proactive approach demonstrates Casino Cosmopol’s commitment to rectifying past issues and adhering to regulatory standards.

Stay informed about the ongoing developments in Sweden’s gambling landscape. As regulatory bodies like Spelinspektionen continue to enforce compliance, operators and stakeholders must adapt to ensure they meet the highest industry standards.

Casino Cosmopol’s CEO, Ola Enquist, has expressed the brand’s determination to address any remaining shortcomings, highlighting the importance of combating money laundering as a serious social issue. “We have high ambitions for our work and have implemented new comprehensive tools and routines,” Enquist stated.

This fine comes amid Svenska Spel’s announcement of a restructuring of its land-based gaming business, following a revenue drop in H1. This segment includes Casino Cosmopol venues and Vegas slot machine operations.

Svenska Spel reported a slight increase in net gaming revenue for H1, reaching SEK 1.97 billion (€170 million). While online revenue grew by 9 percent, now comprising over half of the company’s total, revenue from the land-based Casino Cosmopol chain and Vegas slot machine business experienced a 13 percent decline, resulting in a SEK 52 million loss.

As the Swedish gambling market evolves, Spelinspektionen’s actions, such as the fine imposed on Casino Cosmopol, play a crucial role in maintaining a compliant and responsible gambling environment, ensuring that operators adhere to the highest standards of regulatory practices.