RaceCafe..#1...Tipsters Thread.... Share Your Fancies For Fun...Lets See Who The Best Tipsters Here Are.
Ponderosa8

Betting or Collecting $1,000... Info from TAB.

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5 minutes ago, Tauhei Notts said:

"Where did you get the money from to make that $1200 bet?"

"I got it out of my pocket as I had 12 Lord Rutherfords in there."

…………………………..

When will this idiocy come to end?

Do they ask the same questions on course, where the most dodgy sorts are ? 

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At our local race course there used to be a middle bar for all us dodgy sorts.There were 30 of us who were always in there on race day ,Out of the 30 which included the barmen 28 had convictions I dont know about the barmen but they looked dodgy.I can only imagine the reply the TAB staff would have got asking that question.Loved those days.

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It will only piss off honest punters ,because the criminals will carry on as usual, up to ,but not exceeding $1000.They will use others to handle the money(multiple people,multiple transactions)How many crooks have they caught so far by this method?(just a very few very stupid ones if any).

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I don't want to get into the habit of sticking up for the NZ TAB here, but the TAB do not have a choice to implement this. They must do it.

It's not a TAB thing, it is a NZ law thing, with the introduction of recent legislation. 

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13 minutes ago, Rusty said:

I don't want to get into the habit of sticking up for the NZ TAB here, but the TAB do not have a choice to implement this. They must do it.

It's not a TAB thing, it is a NZ law thing, with the introduction of recent legislation. 

There is no law about the $1000 unless you consider commingling as an overseas transaction which is rather obtuse.

The guidelines are....

  • submit a Prescribed Transaction Report to the Police Financial Intelligence Unit (FIU) if a client wants to conduct a transaction in cash that is $10,000 or more, or an international wire transfer of $1000 or more

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3 hours ago, Nukkledragga said:

How many crooks have they caught so far by this method?(just a very few very stupid ones if any).

reminds me of our younger days - used to send Rolly in to the bottle store to get a dozen when we were under age - always got kicked out because he asked for a dozen 'brown lions' !:rcf-happy-6:

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"We're putting systems and processes in place to prevent criminals from trying to exploit the TAB."

I have known for years how the TAB exploits punters but can somebody please tell me how the TAB can be exploited by criminals.  Imagine a criminal putting $5000 on heads and $5000 on tails; they are both paying $1.87;  The criminal gets back $9350 for his $10,000.  The TAB creams $650 off the top.  In my books it is the criminal that is getting exploited, not the TAB.

TAB officers say that sports betting, akin to betting heads and tails, has costs that come to about 4% of turnover; so that $650 gross profit becomes a measly $250 nett profit.  Please tell me where I am wrong.

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19 hours ago, slam dunk said:

Winston Peters went to great lengths to institute the Gold Card.

He also happens to be the Racing Minister.

As an insult to Winston Peters the TAB tells all that the Gold Card is no good for ID purposes.

Is the gold card photo Id? 

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On 7/13/2019 at 10:02 AM, Tauhei Notts said:

"We're putting systems and processes in place to prevent criminals from trying to exploit the TAB."

I have known for years how the TAB exploits punters but can somebody please tell me how the TAB can be exploited by criminals.  Imagine a criminal putting $5000 on heads and $5000 on tails; they are both paying $1.87;  The criminal gets back $9350 for his $10,000.  The TAB creams $650 off the top.  In my books it is the criminal that is getting exploited, not the TAB.

TAB officers say that sports betting, akin to betting heads and tails, has costs that come to about 4% of turnover; so that $650 gross profit becomes a measly $250 nett profit.  Please tell me where I am wrong.

You are not wrong ,but who says criminals have to bet in order to launder their ill gotten gains?They can feed money into the terminals in exchange for vouchers that can be cashed up or transferred by anyone at anytime  at any tab for no loss ,but big time crooks will take the loss as a trade off to get 'clean money'in return

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Rusty you're quite correct.  Blame the f,,,wits in Internal Affairs & politicians for creating this dinosaur the AML Act.  It's Law now whether we like it or not.  Don't delay putting your bets on when on course...if someone ahead of you is betting $1k the race will surely start before anyone else gets a bet on. 

I'm in commercial property management & have my Real Estate Licence.  Since 1 January 2019 before listing any vacant commercial space with any Real estate agents all Bldg Owners must supply their passport & evidence that they live where they live.  Further more, if they multi list with several different commercial agencies as most do to cover the market they have to replicate this information each time.

Why, because its Law.

What's achieved.  Absolutely nothing except more time lost by owners and agents.  Particularly, as only one tenant will lease the space anyway that in fact the owner could do directly without the agencies help.  

Why does the process start at that point when no money changes hands.

The Int Affairs staff and REA/Institute national body have worked this process out together  & produced a 49 page RE Guidelines FFS that all RE agencies in the country are grappling with.  The Act comes with the usual threats of fines etc

The f...wits have forgotten what they're trying to do, reduce money laundering.

 

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