Sweden’s Administrative Court may reduce gaming operator Casino Cosmopol’s penalty fee over money laundering and terrorist financing rules.
Sweden.- The Administrative Court in Sweden may reduce a penalty fee on Casino Cosmopol. The gaming operator had breached licence conditions related to money laundering and terrorist financing. Nonetheless, regulator Lotteriinspektionen will likely appeal against the ruling.
The regulator in Sweden handed a nearly €750k fine in November, but the Court could reduce it to €277k. Lotteriinspektionen had identified serious and systematic deficiencies in its four venues.
The Svenska Spel subsidiary argued that since there isn’t a clear framework that provides guidance to operators. Therefore, it said the penalty should not be considered accurate and filed an appeal in December.
Per Jaldung, CEO of Casino Cosmopol, said that Casino Cosmopol complies with money laundering regulations as it is considered vital to help prevent money laundering in all its forms.
“We appeal to the Lotteriinspektionen‘s decision mainly because we consider that in this situation it is not proportional to decide on a penalty. In the absence of clear regulations and guidance from the Lotteriinspektionen, it can not be considered correct to decide on a penalty,” he added.
Sweden’s watchdog had fined the Svenska Spel subsidiary over violations in its efforts to fight money laundering. However, it can’t seem to be able to enforce such punishment.