South Korean Casino Kangwon Land Fined KRW564 Million Over Systemic Anti-Money Laundering Failures

South Korea’s FIU fines Kangwon Land for missing records and AML failures. Learn how the monopoly casino is responding to these major regulatory sanctions.

By: AXL Media

Published: Apr 22, 2026, 6:43 AM EDT

Source: Information for this report was sourced from iGB

South Korean Financial Authorities Penalize Monopoly Casino Operator

The South Korea Financial Intelligence Unit, known as the FIU, has issued a substantial fine of KRW564 million against Kangwon Land Inc. following a series of compliance failures. The regulatory body determined that the casino, which holds a unique position as the only facility in the country where locals are permitted to gamble, failed to properly verify or report 11 specific transactions between 2022 and 2024. These lapses represent a significant breach of national anti-money laundering protocols, as the transactions in question involved seven different patrons and reached a combined valuation of at least KRW110 million.

Internal Data Management Failures Lead to Massive Record Losses

Beyond the failure to report specific suspicious activities, the FIU highlighted a staggering breakdown in the company's internal data retention systems. Investigations revealed that Kangwon Land lost or failed to retain nearly 30,000 financial transaction records during the same two year period. This systemic administrative collapse extended to sensitive personal data, with more than 43,000 customer identification documents missing despite legal requirements for a mandatory minimum retention period.

Lack of Oversight for Non Member Gambling Activity

The regulatory scrutiny also uncovered a massive gap in how the operator monitors casual or one time visitors to the remote Gangwon Province property. According to the FIU, there were nearly 68,000 instances where the casino neglected to conduct the required due diligence to identify non members. This lack of oversight has prompted a direct order from the government for the company to immediately overhaul its Know Your Customer protocols and ensure that all future financial reporting adheres strictly to national mandates.