Casino operators, state bank fined for money laundering lapse

• Bally’s Limited and Bellagio Limited fined Rs.1.5mn each in March for failing to carry out basic customer due diligence
• State-owned National Savings Bank fined Rs.3.5mn in April for multiple regulatory breaches

The Financial Intelligence Unit (FIU) has penalised two licensed casino operators and a state-owned bank for lapses in anti-money laundering and counter-terrorist financing compliance, collecting a total of Rs.6.5 million (US $ 22,000) in fines during the first half of 2025, the Central Bank said.
Bally’s Limited and Bellagio Limited were each fined Rs.1.5 million in March for failing to carry out the basic customer due diligence, including verifying the customers against the United Nations sanction lists and maintaining proper records of identity documents and business transactions. The companies also lacked mechanisms to monitor the suspicious activity or reassess risk when the sanction lists were updated.
The FIU said the penalties were imposed under the Financial Transactions Reporting Act and aimed at enforcing stronger compliance in high-risk sectors such as gaming.
In a separate action, state-owned National Savings Bank was fined Rs.3.5 million in April for multiple regulatory breaches, including failure to report high-value cash and electronic fund transfers exceeding Rs.1 million, within the stipulated 31-day timeframe. The bank also conducted transactions through accounts that had been suspended by the FIU and failed to maintain the updated UN-designated sanction lists.
All fines collected have been credited to the Consolidated Fund. 
While no direct links to the designated entities were identified during the inspections, the Central Bank said the enforcement actions reflected efforts to reinforce institutional controls across the financial and non-financial sectors.