Baltics

Lithuanian Gaming Control Authority slaps fine on casino group on law violators

Published

6 years ago

April 4, 2019

Niji Narayan

Lithuanian Gaming Control Authority imposes a fine of 495,000 euros on law violators

Reading Time: < 1 minute

The Lithuanian Gaming Control Authority has imposed a fine of 495,000 euros on Olympic Casino Group Baltija, the Lithuanian subsidiary of Estonia’s Olympic Entertainment Group, the Baltics’ largest gaming operator.

The fine is imposed for serious violations of the Law on the Prevention of Money Laundering and Terrorist Financing. The company failed to additionally verify the identity of three customers who exchanged 42,200 euros in cash for chips at gaming tables in a casino in Panevezys, the authority said in a press release.

The law requires that gaming companies additionally verify the identity of a customer who exchanges more than 1,000 euros in cash for chips per 24 hours. Serious violations of the law are punishable by a fine of between 2,000 and 1.1 million euros.

To stay up to date with the latest changes in the Baltic region make sure you register here for the second edition of the Mare Balticum Gaming Summit. The conference will take place on the 9th of May at Radisson Blu Royal Astorija Hotel in Vilnius (Lithuania).

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.