Neteller tells of its US position

Neteller, the largest independent online money transfer business in the world, has updated its position in relation to the recent SAFE Port Act, which includes the Unlawful Gambling Enforcement ACT of 2006.
Neteller, although registered outside the US, will adhere with the Act as though it was subject to its jurisdiction. By this, Neteller will ensure that their relationships with their commercial partners remain intact and will protect the company as a whole.

There is a degree of uncertainty in the Act and it’s stance with respect to financial transaction providers, such as Neteller, so with this action Neteller are guarding themselves from any recriminations down the line. However, the Secretary of the Treasury and the Board of Governors of the Federal Reserve System must issue the related regulations within 270 days and then the whole situation will become clearer to everyone. The 270 day period is for regulators to come up with the regulations to identify and block money transactions to gambling sites.

Customers from the US can still use the service as normal and can withdraw funds on demand. Non-US based customers are not affected by the changes in law and therefore Neteller will continue to operate its non-US arm as normal.

Undeterred, the company plan to strengthen its already dominant position in the market by launching 3 more services in Europe later this year and have recently setup services in Sweden and Denmark.

On Tuesday 31st October, Neteller will announce its trading update for its third quarter and the effects the recent legislative changes have had on Neteller will become apparent.

Editor, - 2006-10-19 16:55:38

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