On October 26, 2023, South Korea’s Financial Intelligence Unit (KoFIU) fined Kangwon Land Inc. $2.39 million for 182 AML breaches, primarily related to violations in customer due diligence.
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Kangwon Land, Inc. is a South Korean company that operates hotels, condominiums, ski resorts, casinos, and High1 sports facilities. The resort-based casino offers gambling and gaming operations for both Koreans and foreigners, including slot machines and game tables.
There were 181 instances of customer due diligence violations by Kangwon Land Inc. In these cases, the business failed to confirm the identities of customers in transactions involving the sale of casino chips or jackpot wins. Additionally, there was one case involving purportedly false data related to a customer registration.
The violations include:
- Failure to verify the source of transaction funds for 23 customers.
- Unauthorized modification of KYC data for approximately 16 customers.
- Removal of KYC data for 158 customers.
- Violation of the mandatory requirement to retain relevant customer records for a period of five years.
- Onboarding a customer using fictitious information.
