South Korea Proposes Stricter Casino AML Rules

South Korea’s Financial Intelligence Unit (FIU) is considering legal amendments that would significantly expand anti-money laundering (AML) requirements for casinos by requiring operators to record player transactions and personal information regardless of the amount wagered. Industry representatives told GGRAsia the proposal forms part of broader efforts to strengthen financial oversight within the country’s gaming sector.

Proposed Changes Would Expand Data Collection

The amendments would apply to the Act on Reporting and Using Specified Financial Transaction Information. According to Kangwon Land Inc., the country’s only casino where local residents are permitted to gamble, the proposal would require casinos to collect and retain information on patrons even when purchasing a single KRW1,000 gaming chip, currently the smallest chip denomination.

If adopted, the measure would represent a major change from the existing rules, which require casinos to record and report customer information only when casino buy-ins reach KRW10 million or more. Kangwon Land currently follows an internal policy that records transactions starting from KRW3 million.

Reporting Thresholds Have Fallen Over Time

South Korea introduced its casino transaction reporting framework in 2006 with a reporting threshold of KRW50 million. That limit has gradually been reduced over the years, falling to KRW30 million in 2008, KRW20 million in 2010 and KRW10 million in 2019, according to information published by the Financial Intelligence Unit.

The latest proposal would extend reporting obligations much further by requiring casinos to maintain records for even the smallest gaming transactions.

A representative from Kangwon Land explained that the proposed framework would effectively require casinos to treat every visitor as a repeat customer. Operators would need to maintain records covering visit dates, games played, as well as chip purchases and cash transactions. Those records could also be provided to the Financial Intelligence Unit if requested.

Legislative Approval Still Required

The proposed amendments have not yet entered the formal legislative process. Kangwon Land stated that the measures would still require approval from the National Assembly and could potentially be introduced later this year.

However, GGRAsia reported that a review of the National Assembly’s legislative database found no amendment had been officially submitted when the report was published, indicating the proposal remains under discussion.

The Financial Intelligence Unit operates under South Korea’s Financial Services Commission, making the proposed changes part of the country's wider financial compliance framework.

Kangwon Land Warns of Potential Business Impact

Kangwon Land believes the proposed rules could have a significant effect on its business.

The company said a survey of 1,000 casino customers found that 20% would be unlikely to return if all visitors were required to provide personal and financial information regardless of transaction size. Based on those findings, the operator estimated its gross gaming revenue could decline by 19.64%.

Using its 2025 financial performance as a reference, Kangwon Land projected the proposed AML measures could reduce annual gross gaming revenue by around KRW330 billion.

Local media also reported concerns from community groups near the casino, which expect contributions to the Abandoned Mine Area Development Fund to decrease from approximately KRW180 billion to KRW130 billion annually. They also warned that dividend payments benefiting the local community could be reduced by nearly half.

According to those reports, the groups have asked the Financial Intelligence Unit to reconsider the proposed amendments before they proceed further.