[Edaily Kang Gyeong-rok Travel Reporter] Going forward, even casual casino patrons who play for small stakes are expected to undergo rigorous identity verification and transaction tracking every time they exchange chips. This comes as the Financial Intelligence Unit (FIU), under the Financial Services Commission, is pushing for amendments to the Act on the Reporting of Specified Financial Transactions to significantly strengthen anti-money laundering (AML) obligations. Concerns have been raised that the excessive collection and disclosure of personal information could infringe on privacy, and that a mass exodus of customers could cause significant damage to the casino industry and former mining regions.

According to financial authorities and the casino industry on the 25th, the FIU is proceeding with the relevant procedures with the goal of amending the SFIA by the end of the year. Currently, the system requires Customer Due Diligence (CDD) for one-time chip transactions of 3 million won or more and mandates the reporting of suspicious transactions to the FIU. It is reported that a draft amendment recently shared with the industry includes a plan to electronically store, without omission, not only the dates and types of games played by each individual but also transaction records—such as chip purchases and currency exchanges—on a daily basis

The FIU is pushing for amendments to the Special Financial Transactions Act in preparation for the Fifth Mutual Evaluation by the Financial Action Task Force (FATF), scheduled for March 2028. The FATF stipulates that the identity of an individual must be verified for transactions totaling $3,000 (approximately 4.15 million won) or more. It recommends that the transaction amount used to determine whether verification is required be calculated by aggregating all related split transactions.
The problem is that if all customers—including those making small transactions—are uniformly subject to these regulations, it could lead to growing resentment and a decline in casino patronage. Given that casino patrons are extremely reluctant to disclose their identities, the industry believes that a full-scale implementation of these regulations would inevitably result in a massive exodus of customers. According to a survey conducted by Kangwon Land, 20% of respondents stated that they “would not return” if they were required to disclose personal or financial information, regardless of the transaction amount. Kangwon Land estimates that the decline in casino revenue resulting from customer attrition could reach approximately 332.6 billion won annually.
Former mining regions are also concerned about the negative impact of the amendment to the Special Financial Transactions Act. Last month, civil society groups—including the Joint Promotion Committee for Revitalizing Former Mining Regions—issued a joint statement strongly opposing the amendment, arguing that “verifying the identities of all customers and tracking their transaction histories amounts to treating Gangwon Land visitors as potential criminals.” They also urged the withdrawal of the amendment, warning that their right to livelihood could be threatened by a sharp decline in the Former Mining Region Development Fund, which serves as a key source of revenue for the local economy.
The entire industry, including casinos exclusively for foreigners, is also expected to face a shock. Small and medium-sized casinos are likely to face serious operational difficulties due to the cost burden of establishing transaction tracking systems.
While the industry understands that strengthening anti-money laundering standards is directly linked to the nation’s credibility and is a global trend, it believes that one-size-fits-all regulations that ignore market conditions could stifle the legal gambling industry. Critics point out that this could actually fuel a “balloon effect,” driving customers toward the illegal gambling market, where tracking is entirely impossible.
Experts advise that a sophisticated policy design is needed to fulfill the intent of the system while minimizing adverse effects. Yoon Hye-jin, a professor in the Department of Tourism Development and Management at Kyonggi University, stated, “While I agree with the rationale of preventing money laundering, collecting detailed gaming records for every customer is excessive,” adding, “We should adopt a ‘risk-based approach’ focused on high-value and repetitive linked transactions, in line with the spirit of the FATF recommendations.” She added, “We must first establish feasible guidelines for system implementation, allowing for a sufficient grace period.”