New Zealand has passed a law called the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT for short). The purpose of this law is to make it harder for criminals to launder money. It’s estimated that over $1.35 billion a year comes from drug dealing and fraud, and can be laundered through New Zealand businesses like the TAB.
Generally speaking, most TAB customers won’t be impacted by the law change. They just need to be aware that from 1 August 2019, if they want to bet or collect $1000 or more at a TAB site or at a race meeting, they will need to verify themselves using their TAB account number and pin or a Punters Pass - a card that identifies our cash customers. If they don’t have either of these, they will be able to sign up online, in store at an 'ID Verify' TAB site or at a race meeting.
For others, we may get in touch to verify their contact details or if they haven’t completed their ID verification, we’ll be prompting them to do this. It’s important that we know who our customers are so we meet our AML obligations with our regulators, the Department of Internals Affairs (DIA).
We’re not doing this because we think our customers are laundering money – we’re doing it to help protect everyone and because we are required to under the law.