Nowornever

From an earlier post from RUSTY One of my good mates works at DIA and specifically within the AML CFT compliance unit. I bailed them up over lunch today and asked about this $1k v $10k issue. Apparently it (the $1,000 figure) was a deal struck between the TAB and the DIA. Originally the DIA wanted it to be $500!!! They settled on $1,000. We both have an employment background working with a lot of different legislation. There is no breach of the Act here with the TAB doing what they are doing. Pissing a lot of their customers off, yes perhaps, but not a breach of the legislation. Nothing in the Act to say they cannot do what they are doing. Who is right here? Brodie or RUSTY?

Who does what? The agencies who supervise the AML/CFT regime and the businesses (known as reporting entities under the Act) they monitor are: The Reserve Bank of New Zealand supervises banks, life insurers, and non-bank deposit takers. (See also: Financial market infrastructure oversight) The Financial Markets Authority supervises issuers of securities, licensed supervisors, fund managers, brokers and custodians, financial advisers, derivatives issuers, DIMS providers and peer to peer lending and equity crowd funding service providers. The Department of Internal Affairs supervises casinos, non-deposit taking lenders, money changers, money remitters, payroll remitters, debt collectors, factors, financial leasors, safe deposit box vaults, non-bank credit card providers, stored value card providers and cash transporters, and any other reporting entities not supervised by the Reserve Bank or the Financial Markets Authority. The Ministry of Justice is responsible for drafting and administering the AML/CFT Act and regulations. The Financial Markets Authority took over the AML/CFT functions of its predecessor, the Securities Commission of New Zealand, on 1 May 2011. The New Zealand Police Financial Intelligence Unit collates and analyses information relating to suspicious transactional activity.

Not sure if you have been reading all the comments from this thread. This is not a TAB policy. The TAB are not implementing this on their own bat. They are being forced to do this by the Government.

Does that mean you will not keep banging on about it! Not sure we can take much more of this torture!

Will hold you to that. Want to check if you are always on the money ?

Clearly a mind bordering on insanity. Do you think all the below businesses needs to come on here and news media and clearly define their intentions as well? https://www.dia.govt.nz/diawebsite.nsf/Files/AML-CFT-Reporting-Entities/$file/AMLCFT_Reporting-Entities_28-February-2019.pdf

It already is and has been for a few years now.

Always small fields this time of year and the number of meetings drops as well. Only eight weeks until the first grass track meeting and then the bigger fields and number of meetings increase again.

Are they forcing racing gamblers back onto the tote with these restrictions?

I think you will find it is the same or worse in Australia or the UK if you are a winning punter. This argument applies to my restricted accounts in Australia as well.

I believe if you own a business with and have terms and conditions with customers then you can refuse or accept whoever you like if it is within the terms and conditions of that business. As a customer you can either accept those terms or go elsewhere. Most businesses have clients that are more profitable to them than others and therefore those clients that provide more profit or spend more get treated differently with more discounts. Simple business rules apply.

No but I would have about $1000 dollars

Wish I had a dollar for every time I have heard that!

Franco Riot in the last race.

I reckon 200K for Chase Auckland would be a good buy. How much would you pay for a horse that is competitive in Group one Cup races and miracle miles etc?

Brodie still lurking around on the darkside confirmed!

The conversation went like this. Winston. Hey John Allen why are you losing so much money. John Even though we restrict him bloody Brodie keeps winning too much money off us. Winston You mean people make money and we don't get any tax of them John John Yes it is a real shame. Think of all the money we could get off Brodie if we tax his winnings. Winston Right I will put something in place. Lets begin by seeing how much these bastards are winning. Start getting some details of all those who win over $1000 John Oh I can do better than that Winston. Here is Brodies full profit and loss statement for the last 15 years Time to leave the country Brodie they are coming for you.?

Restricted people are going to be taxed is what I heard for every $1000 they make ???

Should have absolutely cut the horse in half with 10 hay makers to stay with in the rules instead of using 12 small taps and getting fined.

Yes it is not good but is better than what you get in Australia if you win consistently.

Welcome to the UK's version of gambling risk management. Was always going to happen here only a matter of time.

Which suggests the NZ TAB is currently losing a fortune on this horse considering he opened at around $51 and was tipped out on Boys Get Paid at that price.

Going to be a wet one. Best chance of beating the All-Stars is parking them out.Hard to win in the wet from the death. Come on John Dunn and others you can beat them. Just don't give them any leads.

Brodie will not work anything out by himself. He wants it handed to him on a plate. Surely you must know this after all this time!

Brodie is off the restricted list!