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Swedish Administrative Court Reduces Penalty on Casino Cosmopol

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In a major decision, the Swedish Administrative Court has reduced the penalty of SEK8m to SEK3m previously issued to Casino Cosmopol in 2018. Lotteriinspektionen imposed a heavy penalty on Casino Cosmopol after finding systematic loopholes and deficiencies in the policies outlined by the Casino related to the Money Laundering and Terrorist Financing in last year November.

However, the Casino appealed against the penalty in the Swedish Administrative Court. The appeal was fined back in December 2018. The court heard the appeal only last week. The court agreed that the Casino Cosmopol has violated the license conditions. However, it has decided to reduce the penalty amount.

The issue does not really end here as per the reports. The local reports suggest that Lotteriinspektionen is planning to launch another appeal against the decision of the Administrative Court and increase the penalty yet again for the violation of license condition.

Apart from the penalty, there are many other things at stake for the Casino Cosmopol. The casino has applied for the license to operate in the market when the new Gaming Act comes from 2020. The Lotteriinspektionen has already made it clear to the casino authorities that the only application would not be sufficient for obtaining a license. The Regulator said that the casino authorities have been informed to outline and provide the detailed measures planned as a supplement to the application to comply with the Terrorist Financing and Money Laundering Regulations.

No comment has been obtained from Casino Cosmopol AB regarding the license application and detailed plan so far.

Source: https://europeangaming.eu/portal/compliance-updates/2019/10/16/56574/swedish-court-reduces-casino-cosmopols-aml-penalty/


About the author

Debopom Sanyal

Debopom Sanyal

Debopom is a web journalist and news enthusiast. He has been writing about world politics, science, health, finance, and technology. An avid sports enthusiast, Debopom has done his Masters in Finance and Bachelors in Engineering.

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