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

[rdytdy 5,341]

On ‎07‎/‎14‎/‎2019 at 12:55 PM, weasel57 said:

How they handle Punter's Clubs will be interesting!

Authorised Punters Clubs no problem at all. 

The Racing Board had to fight to make it a minimum of $1000.00 as Internal Affairs wanted it set at $500.00. 

[Tauhei Notts 1,411]

My lawyer summed it up.

"You can say phuck or cnut in this office and nobody will be offended but do not say Anti Money Laundering legislation as that is a very obscene and offensive term."

[Trump 2,741]

In Oz you can collect up to $9999 in cash, no ID required. But $10k+, you have to show ID to get a payout. 

[Bimbo 734]

24 minutes ago, Trump said:

In Oz you can collect up to $9999 in cash, no ID required. But $10k+, you have to show ID to get a payout. 

That's a bit more sensible.  $1000 is just ridiculous.  It only looks and sounds like a lot to the trolls and narks that work in banks and the DIA.

[Ohokaman 5,825]

Chances of taking a grand out are pretty remote.

Can't get a bet on this morning. Prices clicked on go round and round........

[Comanche 6]

Unfortunately for the legit punters, this has long been due. TAB has basically been complicit in money laundering for years. Completely turned a blind eye. You could bet what you want when you are losing, but the sharps still get banned at a fraction of the turnover. I will put it out there, 20% drop in turnover in the next two years (though there will be a lag on the STRs getting actioned).  

AML birthday 01/08/2019. Enjoy, TAB.

 

[LightsOut 486]

Have a read of the Anti Money Laundering Law and 6AB in particular. 

http://www.legislation.govt.nz/regulation/public/2018/0200/latest/whole.html#LMS95108

It states $10,000 as the cash transaction in line with cash deposits at banks so why the #$%^ did the NZRB change that legal requirement to 1k.

They have set up a huge team to administer it. At 10k and not 1k the staff numbers to administer it would be about 10% of what it is now.

 

Why the %$^%& would you create extra work and headaches for your customers. Don't worry about the huge increase in staff expenses to admin the 1K level set it doesn't matter the Industry has plenty of money to piss away.

 

Someone needs to ask the hard question what were you idiots thinking and who was Empire Building in an obvious move to justify their position.  

[LightsOut 486]

Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2018
 6ABExemption of New Zealand Racing Board from some duties under section 31 of Act

The New Zealand Racing Board (the NZRB), in carrying out its duties under section 31 of the Act, is not required to link a cash transaction between a person and the NZRB involving less than $10,000.

The NZRB went against a noted clause exemption included specifically for them. They went to 10% of the regulated amount for their cash transactions.

Using 10% of the total your nearly running on empty , no prizes for guessing what I am applying the total subject matter to.

[Peter R S 411]

23 hours ago, Ohokaman said:

Chances of taking a grand out are pretty remote.

Can't get a bet on this morning. Prices clicked on go round and round........

Have a look at “Useless TAB” thread started 25 May to solve this

[Tauhei Notts 1,411]

The comments by Lights Out deserve more than just an uptick.

That empire building in Wellington is reaching awful proportions.