TLDR South Korea’s Financial Intelligence Unit is considering rules that would require casinos to record details on all patrons, even small bettors. The current reporting threshold is KRW10 million, but the new proposal could lower it to just KRW1,000. Kangwon Land, the only casino open to Korean citizens, warns the change could cut its gross gaming revenue by nearly 20%. The amendments still need approval from the National Assembly and had not been formally submitted as of the report. Local communities near Kangwon Land fear a drop in casino-funded development contributions and dividends.
South Korea’s Financial Intelligence Unit is looking at changes that would make casinos record transaction and personal details for patrons, no matter how small their bets are. The proposal is part of a wider push to tighten anti-money laundering rules in the country’s gaming industry.
The changes would amend the Act on Reporting and Using Specified Financial Transaction Information. A representative from Kangwon Land Inc, South Korea’s only casino open to local citizens, said the plan would widen the type of information casinos must gather.
One industry source said every casino could be required to log details for any patron who buys even a single KRW1,000 chip. That is the lowest chip value most casinos offer.
Right now, the law only requires reporting on buy-ins of KRW10 million or more. Kangwon Land already uses its own lower internal limit of KRW3 million.
Current Reporting Thresholds
South Korea set up its transaction reporting system back in 2006, when the threshold was KRW50 million. That number has come down several times since then.
It dropped to KRW30 million in 2008, then KRW20 million in 2010, and finally KRW10 million in 2019. The new proposal would push the threshold far lower than any past change.
A Kangwon