Copyright : alexskopje / 123RF Stock Photo

Casino Cosmopol has issued an appeal against a SEK8m ($880,000) fine imposed by Sweden’s regulator, regarding violations in its efforts to combat money laundering.

The land-based subsidiary of state-owned Svenska Spel, whose portfolio stretches to the cities of Sundsvall, Malmö, Gothenburg and Stockholm, believes that a lack of clear instructions and guidance from the regulator means that its sanction cannot be considered accurate.

“It is obvious for Casino Cosmopol to follow the money-laundering rules and we consider it vital to help prevent money laundering in all its forms,” explained Per Jaldung, chief executive officer of Casino Cosmopol

“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.”

In its original statement regarding the punishment handed down, the Swedish regulator stated: “Casino Cosmopol is lacking in its efforts to counter money laundering and terrorist financing in all audited areas. The shortcomings are serious and in many cases of a systematic nature”.

Defending its own position as it lodges its appeal, Casino Cosmopol emphasised a belief that the Lotteriinspektionen “has neither issued clear regulations or given guidance on how the issues raised, as the basis for the decision on the penalty, [are] to be handled”

Before also stressing that the company has put into action a series of measures, both in the short and long term, designed to meet issues highlighted as shortcomings in the original ruling.

Jaldung added: “In all the years we have pursued our four casinos, we have had the perception that we are following the money-laundering legislation. We have staff who work daily with questions. We have clear instructions and training all staff so they know how to act.

“All guests must show identification before entering the casinos and visits are recorded. We monitor, review and report suspicious transactions to the Financial Intelligence [department]. Our efforts to combat money laundering are ongoing.”