Neteller Signals It’s Intention to Comply With US Law

Neteller issued an update to it’s position on the UIGEA.

In essence, they say that they will comply with the US law but that at this point they are unclear of what their obligation is and are waiting on the Secretary of the Treasury to issue guidelines.

Translation: Neteller will quit accepting US deposits to gaming sites sometime within the next 270 days.

NETELLER, a company registered outside the US, 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.

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.

Read the entire release.