TAB ramps up Anti Money Laundering Protocols
From today customers of the TAB who want to bet or collect $1,000 or more at a TAB site or at a race meeting will be required by law to verify themselves using their TAB account or ‘Punters Pass’ - a card the TAB issues to customers who use cash and have had their identity previously verified.
The Punters Pass is one of a range of systems and processes the TAB has put in place to comply with legislative changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT).
“Over the past twelve months the TAB has been working hard to understand where our risks of money laundering are, in preparation for meeting the requirements of the new legislation,” says TAB General Manager Customer Gary Woodham.
The law changes were 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.
Under AML legislation the TAB must ensure it can identify its customers, their residential addresses and in some cases the source of their wealth or funds. The amount of information required will vary depending on a customer’s betting activity.
“All TAB staff have received the necessary training to support the new procedures and we have new processes in place to ensure we know the identity of our customers who are betting or collecting over $1,000,” 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.
For more information on AML law and how it will affect the TAB log on to tab.co.nz.