TAB Revenue to take a hit today!

[Reefton]

9 hours ago, Chief Stipe said:

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.

 

13 minutes ago, Chief Stipe said:

FFS the IRD has been receiving your bank transactions into their data systems for the last two decades.

Is that right?  I very much doubt it -what they will have had is the ability to access anyone bank account not automatic details of bank transactons(and they always had ability to access transactions) You have to realise that would bombard them with millions of transactions daily and they would have no hope of seeing the wood from the trees.  They whinge their guts out about being overrun with work now let alone having all that info to process

[NZRacing]

It was legislation that the TAB threshold was to be $10,000 (as it is in Australia) punters got lied to and told it was $1,000 from day one. Amendment was made a few years later where the figure of $10,000 was reduced.  

 

 

 

[Chief Stipe]

9 hours ago, Reefton said:

 

Is that right?  I very much doubt it -what they will have had is the ability to access anyone bank account not automatic details of bank transactons(and they always had ability to access transactions) You have to realise that would bombard them with millions of transactions daily and they would have no hope of seeing the wood from the trees.  They whinge their guts out about being overrun with work now let alone having all that info to process

The cost of storing and analysing large quantities of data has substantially reduced.  The analysis is done by using algorithms and AI looking for anomalies and patterns that warrant further investigation.

Hell even the TAB stores an enormous amount of data to enable the RIB to look back over individual punters transactions over a long period e.g. a gambling jockey.

With the CCFA there is a requirement to send transactions to a central authority.

Getting harder Reef to do the quiet fiddle for a client.  The irony there though is that the large organised criminals pay big money to hire the best brains to launder their money.  Or pay minions to launder cash through pokies and the TAB at less than 30% yield.

[Chief Stipe]

9 hours ago, Reefton said:

Would have thought that was enough to have a very pissed off client when they realised.

So what if they were engaging in fraudulent or illegal activity?  Just don't take the Reefton Mob on as a client.

[aquaman]

13 hours ago, Newmarket said:

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. 

Usually do everything on computer Newmarket but unfortunately an ATM machine swallowed my card and new one issued by bank couldn't be loaded to TAB for two working days, so ended up in the position of physically having to go to my local TAB to withdraw funds. Its then i'm confronted with this pathetic 1k limit, couldn't even do more than 1k going direct into bank account via Efpos. Ended up having to go back next day to complete the transaction.

[billy connolly]

18 hours ago, Reefton said:

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. 

Soich was a law clerk at the time and was in the sack with Mr Big when he was arrested but was eventually acquitted of any involvement.

 

[Reefton]

3 hours ago, billy connolly said:

Soich was a law clerk at the time and was in the sack with Mr Big when he was arrested but was eventually acquitted of any involvement.

 

She was a bit more than a law clerk.  She worked for some pretty high profile firms after she got out of jail.  She was no mug but obviously not able to work as a lawyer after conviction

[Reefton]

13 hours ago, Chief Stipe said:

So what if they were engaging in fraudulent or illegal activity?  Just don't take the Reefton Mob on as a client.

 

13 hours ago, Chief Stipe said:

 

Getting harder Reef to do the quiet fiddle for a client.  The irony there though is that the large organised criminals pay big money to hire the best brains to launder their money.  Or pay minions to launder cash through pokies and the TAB at less than 30% yield.

Not quite sure what exactly you mean but I do not like what you are implying.  I don't do 'quiet fideles' nor any fiddles at all.  What I might do is work within the Tax Act and generate a satisfactory outcome for a client.  As I have said previously ethically I am not entitled to organise, allow or tolerate 'fiddles' regardless of the AMLCFT Act or not.

As far as 'large organised criminals' well that is exactly the point I am making.  It won't stop money laundering because it happens.  Unless they have a hold on an Accountant or Lawyer however I do not think there would be too many keen to put their necks on the line anymore to help.  For all that there are plenty of rorts going on via big business the world over that screw dosh out of the unsuspecting.  A classic example being carbon credits - designed to generate huge incomes for European  commodity traders.