Neteller Changes Position on Unlawful Internet Gambling Act
By Andrew B
E-wallet company Neteller has announced a modification in their policy toward the Unlawful Internet Gambling Enforcement Act (UIGEA).

The company has indicated that they will abide by the rules of the act, but will continue to do business as usual until the rules of the act are written by the Treasury Department. The Treasury Department has a 270-day window to issue the rules by which the financial providers must adhere to.

The company's statement said, '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.'

Until the terms of the Act are defined US-resident customers will still be 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.

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