(AsiaGameHub) –   South Korea’s Kangwon Land has been fined for failing to properly verify and report 11 casino transactions conducted between 2022 and 2024, in violation of anti-money laundering regulations.

South Korea’s Financial Intelligence Unit (FIU) issued a total fine of KRW564 million (approximately $382,400) to parent company Kangwon Land Inc. The transactions made by seven patrons had a combined total value of at least KRW110 million, or roughly $74,500.

The FIU also cited Kangwon Land for data management inconsistencies. During the 2022 to 2024 period, the casino failed to retain nearly 30,000 financial transaction records.

The company did not retain more than 43,000 customer identification documents for the legally required minimum timeframe. Additionally, per the FIU, Kangwon Land failed to complete due diligence checks to identify non-members in nearly 68,000 cases.

The FIU has ordered the company to improve its know-your-customer (KYC) protocols and maintain financial reports in compliance with mandatory requirements.

Joining the battle against illegal online gambling

In related news, Kangwon Land has agreed to collaborate with South Korea’s Game Rating and Administration Committee (GRAC) and Gangwon police to stamp out illegal online gambling.

According to reporting from Inven Global, the partners signed an agreement announced on April 15, under which they will share intelligence, collaborate on enforcement efforts, and work together on public awareness campaigns and player protection initiatives.

“Illegal gambling directly causes harm to users,” stated GRAC Chairman Seo Tae-geon. “Meaningful results can only be achieved when institutional oversight, law enforcement, and on-site protection efforts work in unison. Through this agreement, we will combine our respective roles to strengthen cooperation and build a safe, healthy gaming environment for the general public.”

Kangwon Land, situated in remote Gangwon Province, is the only casino in South Korea open to local gamblers. To expand its customer base, the resort secured government approval in 2024 to add a second casino, upgrade its existing resort facilities and build a new KRW2.5 trillion luxury hotel. The first phase of this project is set to be completed in 2028.