The company did not properly verify or report 11 cash and casino chip transactions.
South Korea.- The Financial Intelligence Unit (FIU) in South Korea has reportedly fined Kangwon Land Inc KRW564m (US$382,400) for lapses in its anti-money laundering controls. That included weaknesses in transaction reporting, customer due diligence and record-keeping.
According to the regulator, the company did not properly verify or report 11 cash and casino chip transactions involving seven customers between late 2022 and mid-2024. The transactions had a combined value of at least KRW110m (about US$74,500).
Further issues were found in data management, with 29,993 financial transaction records not properly retained for business conducted between November 26, 2022 and April 15, 2024. In addition, 43,060 customer identification documents were not retained for the minimum period expected between November 26, 2022 and June 30, 2025.
In addition, the FIU raised concerns over customer risk assessment, noting that 67,946 non-member customers were not subjected to adequate due diligence during the review period. The regulator has directed Kangwon Land Inc to strengthen its internal controls across transaction reporting, customer verification, and monitoring of suspicious activity. The company has been given two months to implement a comprehensive risk assessment framework for all customers and to update internal policies and procedures.
Kangwon Land runs the only resort in South Korea where local citizens are permitted to gamble.
The company did not properly verify or report 11 cash and casino chip transactions. South Korea.- The Financial Intelligence Unit (FIU) in South Korea has reportedly fined Kangwon Land Inc KRW564m (US$382,400) for lapses in its anti-money laundering controls. That included weaknesses in transaction reporting, customer due diligence and record-keeping. According to the regulator, the…
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