Kangwon Land has been fined for 182 anti-money laundering breaches.<\/p>\n\n\n\n\n\n\n\n
South Korea.-\u00a0Kangwon Land <\/strong>has been subjected to a financial penalty of KRW3.23bn (US$2.39m) <\/strong>for 182 breaches of anti-money laundering (AML) rules in 2022. It did not dispute the findings and settled its penalty in June by paying KRW2.58bn, gaining a 20 per cent discount on the original penalty.<\/p>\n\n\n\n The details were disclosed during an audit hearing at the National Assembly of South Korea <\/strong>earlier this week.\u00a0The Financial Intelligence Unit (FIU) of South Korea, an agency under the purview of the Financial Services Commission, had found that Kangwon Land violated customer due diligence in 181 cases by failing to verify customer identity information in connection with casino chip sales or jackpot wins. A further case involved false information on the registration of a customer.<\/p>\n\n\n\n In the cases of customer due diligence violations, the company failed to verify the source of transaction funds from 23 customers while 16 customers’ information was altered “randomly”, 158 customers’ information was deleted and a requirement to retain data for five years was violated. <\/p>\n\n\n\n Kangwon Land received a D grade in June this year as part of the government’s annual public organisation performance evaluation. It was alleged that Kangwon Land lacked \u201ccustomer-attracting content,\u201d had inefficiency in labour costs, sexual harassment in the workplace, and allegations of corruption in hiring.<\/p>\n\n\n\n The casino operator<\/a>\u00a0has posted a net profit of KRW89.2bn (US$68.5m) for the second quarter of the year, up 138.3 per cent in year-on-year terms but down 12 per cent\u00a0when compared to the previous quarter<\/a>.<\/p>\n\n\n\n The company\u2019s sales fell 7.5 per cent quarter-on-quarter to KRW331.1bn (US$253.5m), of which KRW294.3bn (US$225.3m) was attributed to gaming revenue. Gross gaming revenue<\/strong> was also down 7.5 per cent quarter-on-quarter at KRW331.1bn (US$253.5m).<\/p>\n","protected":false},"excerpt":{"rendered":" Kangwon Land has been fined for 182 anti-money laundering breaches.<\/p>\n","protected":false},"author":176,"featured_media":21187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Kangwon Land has incurred a KRW3.23bn (US$2.39m) fine for 182 anti-money laundering breaches in 2022, primarily related to customer due diligence failures and data retention violations. This regulatory action by South Korea's FIU coincides with the casino operator reporting a Q2 net profit of KRW89.2bn (US$68.5m), up 138.3% YoY but with a 7.5% QoQ decline in gaming revenue. The findings highlight significant governance and operational compliance deficiencies impacting the entity's market standing and financial performance.","focusai_entities":"Kangwon Land, Financial Intelligence Unit (FIU) of South Korea, Financial Services Commission, National Assembly of South Korea","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), tech_data (0.7), payments_fraud_aml (1.0), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"AML Remediation Plan","query":"What specific remediation actions and governance framework enhancements has Kangwon Land implemented to address the identified 182 AML breaches and prevent future non-compliance?"},{"label":"Financial Impact Analysis","query":"Beyond the immediate penalty, what is the projected long-term financial impact of these AML violations and the D-grade performance evaluation on Kangwon Land's market share, operational costs, and investor confidence?"}],"footnotes":""},"categories":[16338,439],"tags":[23911,16471,23907],"class_list":["post-777010602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legal-news","tag-gambling-regulation","tag-kangwon-land","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777010602"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010602\/revisions"}],"predecessor-version":[{"id":777041076,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010602\/revisions\/777041076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/21187"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777010602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}