Chief Stipe Posted December 23, 2022 Share Posted December 23, 2022 How bizarre! Every pub TAB I've visited today is closed! FFS it's only Christmas Eve! Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted December 23, 2022 Author Share Posted December 23, 2022 Meanwhile there are 9 race meetings in OZ to bet on. Mmmmmm 🤔 Quote Link to comment Share on other sites More sharing options...
Brodie Posted December 24, 2022 Share Posted December 24, 2022 34 minutes ago, Chief Stipe said: How bizarre! Every pub TAB I've visited today is closed! FFS it's only Christmas Eve! Chief, things are continuing to deteriorate for this once great industry. People are being lost from the industry, whether it be punters, owners and buggerall new trainers think there is a future! Just can not be bothered having a go at the moment and being treated by the NZ TAB as a money launderer or criminal for wanting to have an investment on horses! Things are only going to worsen and the Suits need to wake up as it is going to get very dire otherwise. Personally do not think the Suits care about the industry only their pay cheque!! Quote Link to comment Share on other sites More sharing options...
aquaman Posted December 24, 2022 Share Posted December 24, 2022 I wonder if the TAB are doing a Biden. As Biden goes about destroying America, maybe the TAB are doing the same, destroy the product and out of the ashes a new world TAB will arise. If this is their model, then hats off to a job well done. Went to my local TAB two weeks ago to pull $1600 out. Wanted to transfer money direct into bank account. They would only give me $1k, had to go back next day for the rest. No money changing hands, just one account to another. A shitty grand is all you are allowed in any 24hr period. Simply insane. Quote Link to comment Share on other sites More sharing options...
mikeynz Posted December 24, 2022 Share Posted December 24, 2022 32 minutes ago, aquaman said: I wonder if the TAB are doing a Biden. As Biden goes about destroying America, maybe the TAB are doing the same, destroy the product and out of the ashes a new world TAB will arise. If this is their model, then hats off to a job well done. Went to my local TAB two weeks ago to pull $1600 out. Wanted to transfer money direct into bank account. They would only give me $1k, had to go back next day for the rest. No money changing hands, just one account to another. A shitty grand is all you are allowed in any 24hr period. Simply insane. Think ya self lucky you didn't want a million.be a very long drawn out process.😎 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted December 24, 2022 Author Share Posted December 24, 2022 1 hour ago, aquaman said: I wonder if the TAB are doing a Biden. As Biden goes about destroying America, maybe the TAB are doing the same, destroy the product and out of the ashes a new world TAB will arise. If this is their model, then hats off to a job well done. Went to my local TAB two weeks ago to pull $1600 out. Wanted to transfer money direct into bank account. They would only give me $1k, had to go back next day for the rest. No money changing hands, just one account to another. A shitty grand is all you are allowed in any 24hr period. Simply insane. A grand doesn't go far this time of year. Perhaps the TAB want to be late payers and get more interest on their own deposits. Quote Link to comment Share on other sites More sharing options...
aquaman Posted December 25, 2022 Share Posted December 25, 2022 Pretty sure the TAB could do $10,000 to satisfy Government anti laundering bill, so why they took it on themselves to limit to 1k is insane. They the TAB are quick to blame the Gov for only paying 1K perday when in fact its the TAB thats set this pathetic daily limit. Certainly does not encourage turnover, quiet the opposite. Quote Link to comment Share on other sites More sharing options...
Reefton Posted December 25, 2022 Share Posted December 25, 2022 18 hours ago, aquaman said: Pretty sure the TAB could do $10,000 to satisfy Government anti laundering bill, so why they took it on themselves to limit to 1k is insane. They the TAB are quick to blame the Gov for only paying 1K perday when in fact its the TAB thats set this pathetic daily limit. Certainly does not encourage turnover, quiet the opposite. Don't know about that. $10K is the banks threshold. Different industries or organisations have different levels. I can sympathise with what you guys are saying but the issue is the government. And it was the John Key government who set this up. The ironic thing is like most government decrees it will not achieve its aim. It will not stop money laundering because the crims are far too smart(anymore than all the Health & Safety rules in the world will stop accidents) The only really effective way will be to get rid of cash but they will find away around that as well. All it actually does is make things a pain in the arse for the likes of you guys going about your lawful business. As an Accountant under this wanker of a law it I see a 'suspicious' transaction I am required to report it to the cops and am not permitted to tell the client I have done it. Whatever happened to confidentiality? 2 Quote Link to comment Share on other sites More sharing options...
aquaman Posted December 25, 2022 Share Posted December 25, 2022 Pretty sure the 1k threshold is self imposed by the TAB, they could of done 10k if they chose. I blame the TAB, not the Government on this one. Quote Link to comment Share on other sites More sharing options...
Freda Posted December 25, 2022 Share Posted December 25, 2022 23 minutes ago, Reefton said: As an Accountant under this wanker of a law it I see a 'suspicious' transaction I am required to report it to the cops and am not permitted to tell the client I have done it. Whatever happened to confidentiality? Jeez..I know I am naive in the big wide world of finance....but bloody hell. Confidentiality indeed. 1 Quote Link to comment Share on other sites More sharing options...
curious Posted December 25, 2022 Share Posted December 25, 2022 40 minutes ago, Reefton said: As an Accountant under this wanker of a law it I see a 'suspicious' transaction I am required to report it to the cops and am not permitted to tell the client I have done it. Whatever happened to confidentiality? That is surely in contravention of human rights law? It hasn't been tested? I'd think it would have no show. 1 Quote Link to comment Share on other sites More sharing options...
Joe Bloggs Posted December 25, 2022 Share Posted December 25, 2022 Truly Big Brother at work, it's getting to look like East Germany and the Stazi all over.... 1 Quote Link to comment Share on other sites More sharing options...
Reefton Posted December 25, 2022 Share Posted December 25, 2022 38 minutes ago, curious said: That is surely in contravention of human rights law? It hasn't been tested? I'd think it would have no show. Thats the law and we have no choice. There is a special outfit in the Police( the FIS or something) it gets reported to and the banks have to do it to and I will wager so does the TAB. The equivalent law in Aussie saw the ASB parent co the Commonwealth Bank of Australia fined $775million(yes million!) for not reporting something like 200,000 transactions. The remarkable thing was the market expected them to be fined $2 billion! Accordingly the share price promptly jumped. There are ways Accountants can get out of the requirements of the Act and I am currently trying to extract myself from the liability. Not that any of my clients have anything to hide and not that I am entitled (ethically) to tolerate illegal behaviour but that effing law is draconian. And no insofar as I am aware nobody has challenged it and I doubt there would be a hope if you did. What I do know though is that the have been both Accountants and Lawyers in NZ who have ended up becoming a guest of Her Majesty for ignoring their responsibilities under the Act. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted December 26, 2022 Author Share Posted December 26, 2022 3 hours ago, Reefton said: Don't know about that. $10K is the banks threshold. Different industries or organisations have different levels. I can sympathise with what you guys are saying but the issue is the government. And it was the John Key government who set this up. The ironic thing is like most government decrees it will not achieve its aim. It will not stop money laundering because the crims are far too smart(anymore than all the Health & Safety rules in the world will stop accidents) The only really effective way will be to get rid of cash but they will find away around that as well. All it actually does is make things a pain in the arse for the likes of you guys going about your lawful business. As an Accountant under this wanker of a law it I see a 'suspicious' transaction I am required to report it to the cops and am not permitted to tell the client I have done it. Whatever happened to confidentiality? Not entirely correct. There was international law/agency pressure to get our anti money laundering rules in line with international practice. NZ was being used by overseas crims to process money. The issue isn't the law that was passed but the way some NZ agencies have chosen to implement it. TAB NZ bent over backwards to be compliant and have imposed far more restrictions than necessary. I've been involved in implementing computer systems to comply with the CCCFA and the TAB is way over the top. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted December 26, 2022 Author Share Posted December 26, 2022 3 hours ago, curious said: That is surely in contravention of human rights law? It hasn't been tested? I'd think it would have no show. No it isn't against Human Rights Law. It is the responsibility of all those involved in the financial industry to monitor dodgy transactions and report them. One single transaction won't necessarily trigger an investigation but a pattern will. If a professional accountant has neglected their responsibilities then they will also come under suspicion. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted December 26, 2022 Author Share Posted December 26, 2022 2 hours ago, Joe Bloggs said: Truly Big Brother at work, it's getting to look like East Germany and the Stazi all over.... As opposed to the Wild West? Quote Link to comment Share on other sites More sharing options...
billy connolly Posted December 26, 2022 Share Posted December 26, 2022 4 hours ago, Reefton said: The equivalent law in Aussie saw the ASB parent co the Commonwealth Bank of Australia fined $775million (yes million!) for not reporting something like 200,000 transactions. It's drawing a long bow to envisage a bank blowing the gaff on their clients. There was a long chapter in the book "The Gambling Man" titled "The Four Horsemen of the Apocalypse" whereby one of the four, the head honcho of an Australian Bank who helped himself to 5.3 mil of wealthy clients funds (eventually losing 1.8 mil) to gamble on the ponies. That was in the late 1960's early 70's which would equate to at least 20 mil in today's money. 4 hours ago, Reefton said: What I do know though is that there have been both Accountants and Lawyers in NZ who have ended up becoming a guest of Her Majesty for ignoring their responsibilities under the Act. Yes, more than a few Lawyers and the odd Accountant have been partial to the lure of illicit funds, one being the NZ Lawyer who acted for the Mr. Big/Mr. Asia drug cartel of the 1970's. Quote Link to comment Share on other sites More sharing options...
curious Posted December 26, 2022 Share Posted December 26, 2022 It's not the reporting that bothers me so much, rather doing so without consultation with the client. Professionals such as accountants have a duty to clients as well as the law. Maybe I've somehow waived that right in my contract with my accountant but in my profession I'd have no show in a front of an ethics committee if I reported criminal activity to police that clients had engaged in without their consent (imminent risk of serious harm excepted but even then at least an attempt to engage with the client first would be expected). I'd also very busy with that! 1 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted December 26, 2022 Author Share Posted December 26, 2022 2 hours ago, curious said: It's not the reporting that bothers me so much, rather doing so without consultation with the client. You are only reporting the details of a transaction. Any further information sought requires a number of legal hurdles to be jumped. Quote Link to comment Share on other sites More sharing options...
curious Posted December 26, 2022 Share Posted December 26, 2022 Reporting a transaction that you've heard about. Not one with you. Not ok to do that without client consent imo. Quote Link to comment Share on other sites More sharing options...
Newmarket Posted December 26, 2022 Share Posted December 26, 2022 On 25/12/2022 at 9:43 AM, aquaman said: I wonder if the TAB are doing a Biden. As Biden goes about destroying America, maybe the TAB are doing the same, destroy the product and out of the ashes a new world TAB will arise. If this is their model, then hats off to a job well done. Went to my local TAB two weeks ago to pull $1600 out. Wanted to transfer money direct into bank account. They would only give me $1k, had to go back next day for the rest. No money changing hands, just one account to another. A shitty grand is all you are allowed in any 24hr period. Simply insane. Why not load your bank account details with TAB? Withdrawals are easy, always their next day, in fact I have withdrawn in the afternoon and money has shown cleared in account couple of hours later. Quote Link to comment Share on other sites More sharing options...
Reefton Posted December 26, 2022 Share Posted December 26, 2022 7 hours ago, billy connolly said: It's drawing a long bow to envisage a bank blowing the gaff on their clients. There was a long chapter in the book "The Gambling Man" titled "The Four Horsemen of the Apocalypse" whereby one of the four, the head honcho of an Australian Bank who helped himself to 5.3 mil of wealthy clients funds (eventually losing 1.8 mil) to gamble on the ponies. That was in the late 1960's early 70's which would equate to at least 20 mil in today's money. Yes, more than a few Lawyers and the odd Accountant have been partial to the lure of illicit funds, one being the NZ Lawyer who acted for the Mr. Big/Mr. Asia drug cartel of the 1970's. Google Commonwealth Bank of Australia and reporting fines. It's true all right. And they will all be doing it because to not do so is a perilous risk As far as Mr Asia goes she (Karen Soich) got disbarred but was highly capable so still worked in legal circles but not as a lawyer herself. That was of course long before the Anti Money Laundering and Counter Financing of Terrorism Act but she was so actively involved when would have had a raft of other charges anyway. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted December 26, 2022 Author Share Posted December 26, 2022 4 hours ago, curious said: Reporting a transaction that you've heard about. Not one with you. Not ok to do that without client consent imo. FFS the IRD has been receiving your bank transactions into their data systems for the last two decades. Quote Link to comment Share on other sites More sharing options...
Reefton Posted December 26, 2022 Share Posted December 26, 2022 6 hours ago, curious said: It's not the reporting that bothers me so much, rather doing so without consultation with the client. Professionals such as accountants have a duty to clients as well as the law. Maybe I've somehow waived that right in my contract with my accountant but in my profession I'd have no show in a front of an ethics committee if I reported criminal activity to police that clients had engaged in without their consent (imminent risk of serious harm excepted but even then at least an attempt to engage with the client first would be expected). I'd also very busy with that! There is a warning about it in letters of engagement whereby the client is warned and acknowledges it can happen. I imagine as well that if the client refused to sign or accept it it is the end of the relationship. Can't say I have issued too many of those letters yet as I have only recently updated my letter but I reiterate if I am bound by the Act whether the client agrees or not I must report. We have been covered by it since 2018 I might add long before the TAB was. Quote Link to comment Share on other sites More sharing options...
Reefton Posted December 26, 2022 Share Posted December 26, 2022 4 hours ago, Chief Stipe said: You are only reporting the details of a transaction. Would have thought that was enough to have a very pissed off client when they realised. Quote Link to comment Share on other sites More sharing options...
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