In a statement issued today, Neteller plc, the Isle of Man-based "e-wallet" widely used by online poker players, including many Americans, has confirmed it will comply with the "Unlawful Internet Gambling Enforcement Act of 2006" that was signed into law by President Bush as part of the Safe Port Act, on 13th October.
This does not mean Americans are stopped from using the service at the present time and Neteller is specific about this. The current stance is summarised as follows:
Neteller – which is not a US corporation - says it will "…comply with the Act and its related regulations as if it were subject to the Act's jurisdiction. This action is intended to ensure that the Company is able to continue to operate with the support of its principal commercial partners and to protect its shareholders, business partners, employees and reputation."
Neteller states that, whilst its obligations under the new law 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."
Neteller goes onto to say that it is accelerating its review of the law and all relevant other laws and developments and will continue to monitor the regulatory situation in order to determine "…what actions to take well before the conclusion of the 270-day rulemaking period."
The practical reality for American poker players is that "…in the interim (UK Poker News' emphasis), US-resident customers are able to use the Neteller service as normal. 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.
"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.
"Neteller remains focused on developing its business in line with its stated strategic objectives including geographical and product diversification. The Company continues to launch localised services within the European market, most recently in Sweden and Denmark, and has plans for three further launches later this year. As well as focusing on the gaming sector outside of the US market, the Board considers the development of additional products and services for wallet users to be integral to its diversified market strategy. We expect to share more information on these initiatives in the coming months…"
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