Nowornever

Had a couple of $1000+ collects last week and no issues at all. Have always had to produce ID so same procedure as before. What about the poker machines in some TABs. Some guys put thousands through there $100 at a time. How do they counteract that?

Interesting Rock On not wanted on fixed odds out to $6.00. All the money for Tim Willlams in that race

None,One,Two,Three or Four Matt Anderson on fire and driving three of them.

Not a great drive at all.

Looks a top horse for sure. The $120,000 paid for him could turn out to be a bargain

Sorry Brodie been busy. Some of us have a life outside of whingeing about restrictions on online forums. In the interest of anyone that might be listening I am going to say losing punter! Well I suppose I could be fully retired but I choose to manage my own properties. I have never worked for a Govt agency.

Incorrect. Semi retired. And every time I collected money from my TAB account in the past be it 1000 or 50,000 I still had to present ID to recover it from my account so will not impact me much if I still have to do it going forward.

At the end of the day I am all for stopping any money laundering that could stop any terrorism or crime. Just like the airports making it difficult going through security just a sign of the times but necessary in today's climate.

Well The DIA is setting the terms here according to Rusty But I believe all businesses need to do a risk assessment that determines the dollar level. https://www.dia.govt.nz/AML-CFT-Information-for-the-NZ-Racing-Board

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!