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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 are necessary in order to require each designated payment system and all participants therein to identify and block or otherwise prevent or prohibit restricted transactions,” says the statement.
“We cannot understand how Neteller, a European company, with no assets and no presence or employees in the US, can 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 the possible resulting impact on Neteller and its US facing business. In the meantime Neteller will continue to operate as usual.”
“Neteller has over 3 million customers in 160 countries who trust us 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.”
“In order to protect its customers’ money, all in-transit, deposited and un-cleared funds will be held in Trust Accounts,” concludes the statement.
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