South Korea FIU fines Kangwon Land KRW564 million over AML failures
South Korea’s Financial Intelligence Unit fined Kangwon Land Inc. KRW564 million for failures involving casino transactions from 2022 to 2024. The FIU cited 11 transactions involving seven patrons, record-retention and customer-identification failures, and ordered improvements to KYC protocols and financial reporting.
The fine and remediation order require Kangwon Land to address identified AML and customer-verification shortcomings.