scooby3051 10,869 Report post Posted July 25, 2019 Punters told to prepare for new Anti Money Laundering Legislation The TAB are making some changes to the information collected from customers ahead of new Anti Money Laundering Legislation coming into effect next week. From 1 August, TAB customers who want to bet or collect $1000 or more at a TAB site or at a race meeting, will be required by law to verify their identity and residential address. The move comes from a legal requirement for the TAB to comply with legislative changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT), put in place by the New Zealand government to protect businesses and make it harder for criminals to profit from and fund illegal activity. The AML/CFT Act now covers casinos, banks and financial institutions, lawyers, accountants, real estate agents and the TAB. “Like many New Zealand businesses we have an obligation to do everything we can to limit fraud. We’ve been reviewing our processes and systems to ensure we have more precise customer identification, more stringent record keeping and transaction monitoring requirements,” says Gary Woodham, TAB General Manager Customer. “We have also been working to ensure we have the right information about the staff selling our product and that they have received the necessary training to support the new procedures and processes we have put in place”. “Customers can verify themselves using their TAB account or Punters Pass, which is a card the TAB has created for customers who want to use cash and have had their identity previously verified,” says Woodham. Customers who don’t have a TAB account and want to bet or collect $1,000 or more at a TAB site or race meeting will now need photo identification and proof of address documentation. “We understand our country and businesses like the TAB are targets for money launderers. Being compliant with AML/CFT legislation future proofs our industry, keeping New Zealanders safe from criminals,” says Woodham. For more information on AML law and how it will affect the TAB click here. Quote Share this post Link to post Share on other sites More sharing options...
puha 2,177 Report post Posted July 25, 2019 If I put on a $50 % Quaddie on and collect a couple a couple of grand I don’t see why I should need or have to supply any personal information.Big Brother at work. Quote Share this post Link to post Share on other sites More sharing options...
flockofewes2 216 Report post Posted July 25, 2019 1 hour ago, scooby3051 said: Punters told to prepare for new Anti Money Laundering Legislation The TAB are making some changes to the information collected from customers ahead of new Anti Money Laundering Legislation coming into effect next week. From 1 August, TAB customers who want to bet or collect $1000 or more at a TAB site or at a race meeting, will be required by law to verify their identity and residential address. The move comes from a legal requirement for the TAB to comply with legislative changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT), put in place by the New Zealand government to protect businesses and make it harder for criminals to profit from and fund illegal activity. The AML/CFT Act now covers casinos, banks and financial institutions, lawyers, accountants, real estate agents and the TAB. “Like many New Zealand businesses we have an obligation to do everything we can to limit fraud. We’ve been reviewing our processes and systems to ensure we have more precise customer identification, more stringent record keeping and transaction monitoring requirements,” says Gary Woodham, TAB General Manager Customer. “We have also been working to ensure we have the right information about the staff selling our product and that they have received the necessary training to support the new procedures and processes we have put in place”. “Customers can verify themselves using their TAB account or Punters Pass, which is a card the TAB has created for customers who want to use cash and have had their identity previously verified,” says Woodham. Customers who don’t have a TAB account and want to bet or collect $1,000 or more at a TAB site or race meeting will now need photo identification and proof of address documentation. “We understand our country and businesses like the TAB are targets for money launderers. Being compliant with AML/CFT legislation future proofs our industry, keeping New Zealanders safe from criminals,” says Woodham. For more information on AML law and how it will affect the TAB click here. so collect $999 multiple times then. About as much use as an ashtray on a motorbike. The previous Govt tried and succeeded in turning NZ into a money laundering centre. They've all run away now, it was too obvious and had to be addressed..The Panama papers were very revealing. Tauhei Notts and Insider 2 Quote Share this post Link to post Share on other sites More sharing options...
eljay 1,719 Report post Posted July 25, 2019 Does that apply to the corner dairy for Lotto?? Quote Share this post Link to post Share on other sites More sharing options...
TurnipOrange 148 Report post Posted July 25, 2019 $999.oo to win is a good bet Quote Share this post Link to post Share on other sites More sharing options...
LightsOut 486 Report post Posted July 26, 2019 Ask yourselves why the NZRB would have lowered the amount to 1k when 10k was what the Act allows for. Hopefully RITA will understand unlike some others the content of the Act and how it is to be applied and correct it. Makes you wonder what were people like the GM in the above story at NZRB thinking ohhh that's right they don't there's the problem. 6ABExemption of Racing Industry Transition Agency from some duties under section 31 of Act The Racing Industry Transition Agency (the Agency), 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. http://www.legislation.govt.nz/regulation/public/2018/0200/latest/whole.html#LMS95108 Quote Share this post Link to post Share on other sites More sharing options...
rdytdy 5,341 Report post Posted July 26, 2019 It's plain stupidity if they think that will stop money laundering. Just one way (there are others) $5,000.00 to clear Just make say ten deposits into one of the those automatic machines (not at the same time) getting 10 betting vouchers and then cash them in at different times where and whenever later. Different TABs or on-course. They wouldn't even have to have a bet. All this is really doing is inconveniencing law abiding regular punters. LightsOut 1 Quote Share this post Link to post Share on other sites More sharing options...
shodsie 208 Report post Posted July 26, 2019 nothing will stop the money laundering trade but maybe this will at least make it harder for them????? going into a tab with 7 x $999 vouchers may just raise some alarm bells........... although i'm not a big fan of the big brother approach governments seem too take this days everywhere you go now spend/collect big brother is always watching via credit cards fly buys loyalty cards etc is there anything actually wrong with the tab knowing who their customers are and how much they are winning or losing???? just maybe a policy like this may stop the odd problem gambler from entering the daily paper via the court news?? Quote Share this post Link to post Share on other sites More sharing options...
Boss Hogg 320 Report post Posted July 26, 2019 just go to your account page and on the right top it will tell if your verified .It will have a tick and so if not go to TAB with drivers lisence and fill in form.Pain in the arse but thats the rules.If we win more than a $1000 or more the only one we will be trying to hid it from is the missus haha.LIGHTS I can only imagine the shambles in Aussie if it was $1000 as they are far bigger punters than we are .Even with Sweeeeeny and Rodley trying to make out with the big bets before a race. LightsOut 1 Quote Share this post Link to post Share on other sites More sharing options...
Comanche 6 Report post Posted July 26, 2019 They will have likely been put on notice after the DIA discovered how much some of their "Elite" customers (with no jobs) were turning over/losing in a year. Greedy greedy greedy. And then the regular punter gets shafted. Quote Share this post Link to post Share on other sites More sharing options...
Trump 2,741 Report post Posted July 26, 2019 Win over $10k in Oz then any payout over $10k you have to show your Drivers Licence and get a cheque. No big deal. The $1000 in NZ is ridiculous imo. LightsOut 1 Quote Share this post Link to post Share on other sites More sharing options...
Varro 244 Report post Posted July 26, 2019 its not the tabs rule nor NZRB. AML legislation applies to transactions from 1k onwards. TAB has been lucky to wait so long to implement. AML/CFT act was imposed approx a couple of years ago. When working for NZX, had to apply this requirement for all customers, both buying and selling their investments. Its not that onerous. Im actually surprised NZRB have been able to get away with not applying act until now as prior to this legislation being forced, gambling via TAB has been a very easy haven for those wishing to launder money. all the best Quote Share this post Link to post Share on other sites More sharing options...
slam dunk 1,317 Report post Posted July 29, 2019 POOL SIZES When totalizator betting was first introduced one of the first pieces of law or betting rules was the necessity of displaying the total amount bet on a pool. Just common sense anyone wanting to have a decent wager must know what the eventual pool size will be. Somehow I don't see now in the rules or legislation the requirement to display the pool total which shows the ignorance of those framing the laws. Some 10 years ago or more I spotted irregularities in Wanganui dogs pools sizes and alerted people here on Racecafe of potential money laundering. Months later I was proved correct as the Wanganui dog people were prosecuted for money laundering. THe TAB now wipes the pool sizes which is very convenient as numerous dog races are closed after the dogs have jumped and an early leader is discernable to punters. I know this for a fact even of races closing after the result is known. e,g a dog wins showing $6.00 and $2,00 but when dividends posted the dividends are $2.00 and $1.00. Someone obviously got greedy. Checking other TAB's in Australia the dividends posted are more like $6.00 and $2.00 In Canada the rules say (2) An association that hosts a pool shall make the following information available to each person who requests it: (a) the amount of money bet on each horse and on each winning combination of horses; (b) the total amount of money bet on each pool; and (c) any additional amounts added to the pool LightsOut 1 Quote Share this post Link to post Share on other sites More sharing options...
tim vince 985 Report post Posted July 29, 2019 I won a couple of grand on 3 separate tickets just present them individually.if they did this in .hk the queues would stretch to Macau. Quote Share this post Link to post Share on other sites More sharing options...
Bimbo 734 Report post Posted July 29, 2019 1 hour ago, slam dunk said: POOL SIZES When totalizator betting was first introduced one of the first pieces of law or betting rules was the necessity of displaying the total amount bet on a pool. Just common sense anyone wanting to have a decent wager must know what the eventual pool size will be. Somehow I don't see now in the rules or legislation the requirement to display the pool total which shows the ignorance of those framing the laws. Some 10 years ago or more I spotted irregularities in Wanganui dogs pools sizes and alerted people here on Racecafe of potential money laundering. Months later I was proved correct as the Wanganui dog people were prosecuted for money laundering. THe TAB now wipes the pool sizes which is very convenient as numerous dog races are closed after the dogs have jumped and an early leader is discernable to punters. I know this for a fact even of races closing after the result is known. e,g a dog wins showing $6.00 and $2,00 but when dividends posted the dividends are $2.00 and $1.00. Someone obviously got greedy. Checking other TAB's in Australia the dividends posted are more like $6.00 and $2.00 In Canada the rules say (2) An association that hosts a pool shall make the following information available to each person who requests it: (a) the amount of money bet on each horse and on each winning combination of horses; (b) the total amount of money bet on each pool; and (c) any additional amounts added to the pool The pool sizes are readily available at tab.com.au if you want them. Just choose VIC. These are virtually always going to be the largest pools on New Zealand events. Might be just Zeljko's money going on and nothing to do with money laundering or closing totes late. Quote Share this post Link to post Share on other sites More sharing options...
slam dunk 1,317 Report post Posted July 29, 2019 27 minutes ago, Bimbo said: The pool sizes are readily available at tab.com.au if you want them. Just choose VIC. These are virtually always going to be the largest pools on New Zealand events. Might be just Zeljko's money going on and nothing to do with money laundering or closing totes late. Nothing better than personal experience ascertaining something. Like cleaning out a pool on a late bet. Quote Share this post Link to post Share on other sites More sharing options...
Kloppite 314 Report post Posted July 29, 2019 On 7/26/2019 at 2:38 PM, rdytdy said: It's plain stupidity if they think that will stop money laundering. Just one way (there are others) $5,000.00 to clear Just make say ten deposits into one of the those automatic machines (not at the same time) getting 10 betting vouchers and then cash them in at different times where and whenever later. Different TABs or on-course. They wouldn't even have to have a bet. All this is really doing is inconveniencing law abiding regular punters. Genius - like the act of feeding the cash in to the self serve terminal and then cashing in the voucher somewhere else is going to make that money laundered!?? You’re a criminal mastermind - Walter White could have done with someone as smart as you! Quote Share this post Link to post Share on other sites More sharing options...