Lithuania Fines OEG €495,500 For Money Laundering Breach

Published Friday, April 05, 2019 - Online-Casinos.com
Lithuania Fines OEG €495,500 For Money Laundering Breach
The effort being made by organized crime to launder illegally gained funds is still strong with casinos all over the world targeted as a method to clean dirty cash. Money obtained illegally has a number of sources and getting it into the regular economy is a problem that continues to plague the gambling industry both online and off. Money laundering is the process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. One problem of criminal activities is accounting for the proceeds without raising the suspicion of law enforcement agencies. Governments the world over are doing their best to stop the flow of illegal money with specific rules to identify and arrest those involved. Recently it was revealed money laundering was exposed in one Canadian British Columbian government run casino where huge sums of cash was being deposited and then mostly returned clean. A recent report that a subsidiary of the Olympic Entertainment Group (OEG), has been fined €495,500 (£425,830/$556,330) by the Lithuania Gaming Control Authority for failing to verify the identity several customers who exchanged large sums of money at its casino tables is another prime example of the process being found out. Olympic Casino Group Baltija, did not verify any of its customers’ identities when it accepted the combined €42,200 in cash for chips at the Olympic Casino Panevezys breaching Lithuania’s Law on the Prevention of Money Laundering and Terrorist Financing. The law states casinos must verify the identity of any customers who exchanges a minimum €1,000. Casino operators which fail to comply with the law are subject to financial penalties of between €2,000 and €1.1m, with the higher fines reserved for more serious violations. While the Olympic Casino Group has not made a comment on the judgement the company can appeal the ruling.

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