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Sweden – Cosmopol appeals fine due to ‘absence of clear regulations’

By - 18 December 2018

Sweden’s state-owned casino group Casino Cosmopol has appealed against a fine issued by Swedish regulator Lotteriinspektionen for breaching money laundering laws.

Regulator Lotteriinspektionen fined Cosmopol SEK8m (€780,200) for what it called ‘serious shortcomings’ but executives at the casino operator have since claimed it was unfair to penalise financially whilst no clear regulation was in place from the regulator.

Per Jaldung, President of Casino Cosmopol, said. “It is obvious for Casino Cosmopol to follow the money-laundering rules and we consider it vital to prevent money laundering in all its forms. We are appealing to the Lotteriinspektionen‘s decision because we consider that in this situation it is not right to issue a penalty. In the absence of clear regulations and guidance from the Lotteriinspektionen, it cannot be considered correct to decide on a penalty fee. We have appealed the Lotteriinspektionen’s decision mainly because we consider that in this situation it is not proportional to issue a penalty. Sanctions shall only be used when other methods such as imposing new licence conditions upon us are sufficient.”
He added that Lotteriinspektion had been scrutinising its casinos since the first opening in 2005 and had offered no concerns previously.

Mr. Jaldung added: “In all the years we have operated our four casinos, we believed we were following money laundering legislation. We have staff who deal with these matters on a daily basis. We have clear instructions and train all staff so they know how to act. All guests must register before entering the casinos and the visits are recorded. We monitor, review and report suspicious transactions to our finance department. Our efforts to combat money laundering are ongoing.”

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