Jeongseon residents oppose proposed Kangwon Land customer checks
The proposed rules would extend customer information and transaction-record requirements beyond the current KRW3m threshold for checks.
South Korea.- Groups in Jeongseon County have warned that tighter customer checks at Kangwon Land could drive away visitors and weaken the casino’s contribution to the regional economy. The Regional Revitalisation Joint Promotion Committee has called for the proposal to be withdrawn.
The concerns were raised at an event commemorating the 31st anniversary of the 3.3 Residents’ Movement, which began in 1995 amid the decline of the local coal-mining industry. The ceremony drew about 500 attendees, including Jeongseon County Governor Choi Seung-jun, county council chairman Bae Wang-seop and Kangwon Land chief executive officer Kim Do-gyun.
The issue stems from the Financial Intelligence Unit’s (FIU) plan to expand customer due diligence (CDD) rules for casinos. The proposal would require casinos to collect and record customer information even when transactions fall below the current KRW3m (US$2,229) threshold for checks.
The information could include customers’ names, resident registration numbers, addresses, contact details, email addresses and transaction records. Jeongseon County has asked the FIU to consider Kangwon Land’s unique status as the only casino in South Korea that allows local residents to gamble, as well as the region’s economic dependence on the property.
The opposition follows earlier concerns from Gangwon Province, which cited an analysis estimating that expanded customer due diligence could reduce Kangwon Land’s annual casino revenue by about KRW332.6bn (US$247.3m). The analysis estimated a potential KRW175.4bn (US$130.4m) reduction in national and regional financial contributions.
