The SGA has fined Casino Cosmopol over AML and terrorist financing failures. [Image: Shutterstock.com]

Svenska Spel subsidiary Casino Cosmopol has found itself at the mercy of the Swedish Gambling Authority (SGA) once more over anti-money laundering and terrorist financing failures. The gambling company must pay an SEK2m ($196,195) sanction to the regulator.

Casino Cosmopol operates four casinos in Sweden. The SGA investigated the company’s practices and processes for AML and player protection beginning in November 2021.

Customers have thus been able to carry out transactions amounting to significant sums”

The SGA found that Casino Cosmopol did take action to verify the source of funds but only in specific circumstances. The company would investigate if the customer had incurred high losses, but wouldn’t probe if they had been winning, even if they had deposited a substantial amount. “Customers have thus been able to carry out transactions amounting to significant sums” before the company took action, said the regulator.

In response, Svenska Spel said it “accepts the criticism” and confirmed that it had already “implemented a number of improvement measures that had the intended effect.”

This isn’t the first time Casino Cosmopol has experienced the wrath of the SGA. The company had to pay SEK8m ($784,971) in 2018 for similar errors. That time, its casinos failed to record playing activity, particularly of high-rollers who were spending big money on slot machines.