@Stupid 186604 wrote:
Actually personal bank accounts are completely exempt from this mess. It applies only to commercial bank accounts opened in the USA.
I don’t believe this is entirely correct.
The regulations apparently say that a bank is not required to monitor individual transactions. It does not say that they *cannot* monitor an individual transaction, and thus are not actually exempted from anything. They certainly aren’t required to process your transaction.
Checks are okay because the bank cannot monitor them until they are presented, which is usually well after the fact. I do think it’s strange that wire transfers are ok (particularly as the Wire Act prevents this for the purposes of wagering, though this can be said to only apply to a sports wager).
In any case, the point I was trying to make is that a transaction through an overseas institution or processor is beyond their control. Most importantly, this means Neteller, which is domiciled in the Isle of Man, cannot be subjected to US regulations, provided they don’t use a bank in the US for processing their transactions.
Now – the question is – will a Neteller debit card work again in the US? Will Neteller even re-enter the US market?
*oops* – I meant Neovia, since Neteller changed its name on Tuesday.