Although it is a public limited company registered in the United Kingdom, Neteller has today announced that it will comply with the Unlawful Internet Gambling Enforcement Act of 2006, signed into US law on 13 October that year, and its related regulations as if it were subject to the Act’s jurisdiction. The move is intended to ensure that the company can continue to operate with the support of its principal commercial partners and to protect its shareholders, business partners, employees and reputation.

Various provisions of the Act, including the obligations of financial transaction providers such as Neteller, remain unclear. This uncertainty should be largely resolved when the Secretary of the Treasury and the Board of Governors of the Federal Reserve System issue the regulations they are required to prescribe within 270 days. In view of the importance of these issues, Neteller states it has accelerated its review of the Act and all other relevant laws and pertinent developments. The Company also continues to closely monitor the regulatory situation and is determining what actions to take well before the conclusion of the 270-day rulemaking period.

Neteller customers not resident in the US are not affected at all by the legislative changes in the US, and the Company will continue to operate its non-US business as normal, maintaining existing customer and merchant support across all the other markets it currently serves. The funds of US-resident customers are held in trust accounts and will be available for withdrawal, on demand. The ability to withdraw funds will exist regardless of the customer’s location or ability to transfer to any site.

The company says it remains focused on developing its business in line with strategic objectives for geographical and product diversification. Neteller has recently launched its services in Denmark and Sweden and plans three further launches this year. As well as focusing on the gaming market outside the US and developing additional products and services, the company will explore all possible strategic alternatives and is committed to maximising shareholder value both in the short and longer term. (E-07.19.07)

© Copyright 2007 CasinoCompendium



>>> return to archives
>>> return to frontpage