OEG subsidiary fined in Lithuania over verification failures

5 April 2019

Olympic Casino Group Baltija, 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.

The national regulator has said that the penalty relates to three customers who exchanged a combined €42,200 in cash for chips at the Olympic Casino Panevezys.

According to the official regulatory report, the exchanges in question took place over a 14-hour period in 2018, although the regulator did not go into detail as to exactly when the activity took place.

Olympic Casino Group Baltija did not verify any of the customers’ identities when it accepted the exchanges, thus 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 at least €1,000 at their facility. The process should be carried out each time the customer makes an exchange of this amount, with their details updated on a national register.

Operators that fail to comply with this law face financial penalties of between €2,000 and €1.1m, with the higher fines reserved for more serious violations of the law.

Olympic Casino Group Baltija has the option to appeal against its fine. Neither OEG nor its Lithuanian subsidiary have commented on the penalty.