Punters told to prepare for new Anti-Money Laundering Legislation

24 July 2019

The TAB are making some changes to the information collected from customers ahead of new Anti-Money Laundering Legislation coming into effect next week.

From 1 August, TAB customers 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 their identity and residential address. 

The move comes from a legal requirement for the TAB to comply with legislative changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT), 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.

“Like many New Zealand businesses we have an obligation to do everything we can to limit fraud. We’ve been reviewing our processes and systems to ensure we have more precise customer identification, more stringent record keeping and transaction monitoring requirements,” says Gary Woodham, TAB General Manager Customer & Channels.

“We have also been working to ensure we have the right information about the staff selling our product and that they have received the necessary training to support the new procedures and processes we have put in place. 

“Customers can verify themselves using their TAB account or Punters Pass, a card the TAB has created for customers who want to use cash and have had their identity verified,” 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.

“We understand our country and businesses like the TAB are targets for money launderers. Being compliant with AML/CFT legislation future proofs our industry, keeping New Zealanders safe from criminals,” says Woodham.

For more information on AML law and how it will affect the TAB visit tab.co.nz.