Neteller, the Isle of Man-based e-cash processor, issued a statement to Neteller members about the new U.S. anti-online gambling funding bill, pointing out that it may take up to nine months for U.S. law enforcement and federal banking entities to prescribe regulations for the bill. The statement was issued in order to qualm members’ fears about how the bill could possibly affect Neteller.

The regulations that Neteller referred to in its statement are necessary so that each designated payment system and participants of the system can identify and block or otherwise prevent or prohibit restricted transactions.

The statement also emphasizes that the bill may ultimately not even affect Neteller: “"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” the statement added and then concluded by saying that “Over 3 million customers in 160 countries trust Neteller to transfer over $7 billion each year. The company is authorized 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".

Posted on: October 11, 2006

Add This Gambling Article To:
Del.icio.us	Digg	Google	Spurl
Furl	Simpy	Y! MyWeb

Back to October 2006's archive
Back to latest News