Lithuania’s Olympic Casino Group Baltija has been fined nearly €8.4m [$9.1m] for serious regulatory violations connected to the high-profile BaltCap embezzlement case.
Lithuanian authorities determined the casino operator, which is part of Olympic Entertainment Group, failed to properly monitor suspicious transactions and encouraged problem gambling by a key suspect in a major financial crime investigation.
The Gaming Supervisory Authority (LPT) investigation revealed Olympic Casino did not take sufficient steps to identify the origin of funds lost by Lithuanian businessman Šarūnas Stepukonis between December 2016 and June 2021.
The casino’s monitoring of his transactions was deemed “formal and ineffective” despite obvious red flags that should have triggered suspicious activity reports to authorities.
