US Member Update: 1st October 2006
On Friday 29 September 2006, the US Congress passed legislation which includes certain provisions to prohibit unlawful internet gambling through the restriction of payments to such sites.The Bill states that there will be a period of up to 9 months for the US regulators to prescribe regulations requiring each designated payment system and all participants therein to identify and block or otherwise prevent or prohibit restricted transactions.
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 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.
Now THAT is a sensible approach. Kudos to Neteller for the prompt and sensible reaction IMO.