NETeller On U.S. Online Gambling Financial Ban
Published: Monday, October 02, 2006 Online-Casinos.com
NETELLER COMMENTS ON U.S. FINANCIAL BAN FOR ONLINE GAMBLING TRANSACTIONS
Isle of Man e-cash processor highlights 270 day regulatory period
The Isle of Man-based e-cash processor Neteller issued a calming message to Neteller members late Sunday, pointing out that
a period of up to 9 months has been allowed for the US enforcement and federal banking entities to prescribe regulations for the new anti-online gambling funding bill.
These regulations will be necessary in order to require each designated payment system and all participants therein to identify and block or otherwise prevent or prohibit restricted transactions, the statement says.
"It is currently unclear how NETELLER, a European company, with no assets, presence or employees in the US, would be affected by this bill. Once the regulations have been written, NETELLER will have a clearer view of which companies are affected, how those companies will be expected to comply, and any possible resulting impact on NETELLER and its US facing business.
"NETELLER continues to operate its business as normal.
"Over 3 million customers in 160 countries trust NETELLER to transfer over $7 billion each year. The company is authorised in the UK by the Financial Services Authority and listed on the AIM market of the London Stock Exchange. To protect its customers’ money, all deposited, in-transit, and un-cleared funds are held in Trust Accounts," the statement concludes.
