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The Lithuanian Gaming Control Authority (LPT) has completed its inspection: Olympic Casino has been fined almost 8.4 million euros
Summary
The Lithuanian Gaming Control Authority (LPT) has imposed a fine of almost 8.4 million euros on Olympic Casino Group Baltija for failing to properly monitor and verify the funds of a customer suspected of gambling-related financial issues. The investigation revealed that the casino inadequately tracked transactions and neglected to report suspicious activities related to customer Šarūnas Stepukonis, who lost a total of 6.4 million euros between December 2016 and June 2021, with additional penalties imposed due to the casino’s lack of cooperation.
Source: European Gaming Industry News
Key Points
- Olympic Casino was fined €8.4 million for violating money laundering prevention laws.
- The investigation highlighted ineffective monitoring of customer transactions, particularly those of Šarūnas Stepukonis.
- Reports indicated that the casino failed to report suspicious activities to the Financial Crime Investigation Service (FNTT).
- Casino incentives for customers engaged in irresponsible gambling were also scrutinised.
- The new Gambling Law set to come into effect in November aims to enforce stricter oversight on gambling practices.
Why should I read this?
This article unveils critical developments in gaming regulation in Lithuania, spotlighting the need for accountability among gambling operators. It serves as a warning to the industry about the importance of compliance with financial monitoring laws, underlining a shifting landscape towards stricter oversight in the gaming sector.
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