NETeller will comply

[Mousey]

If this has been posted elsewhere, I do apologize. I could easily have missed it. I now feel the water lapping at my neck -- but I still haven't abandoned ship yet...

Press release
19 October 2006
NETELLER PLC

Update on US position

Further to the Company's announcement on 12 October 2006, NETELLER Plc today announced the following update in the light of the action on 13 October 2006 by US President George W Bush to approve and sign into law the SAFE Port Act incorporating the Unlawful Internet Gambling Enforcement Act of 2006 ("UIGEA" or the "Act") which includes certain provisions to prohibit "unlawful internet gambling" by restricting gambling sites from accepting certain payments from US residents.

.
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.

In view of the importance of these issues, NETELLER 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.

In the interim, 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. The Company is committed to maximising shareholder value both in the short and longer term, and will explore all possible strategic alternatives, including utilising its substantial resources, to ensure the achievement of its strategic objectives.

The Company's trading update for the third quarter will be issued on Tuesday, October 31st, 2006. In the meantime, the Company will endeavour to keep shareholders informed of any material developments as and when appropriate.

[frufrugirl]

So this means if you have funds you can take it out but no longer deposit via banks?(usa members) Legaleez is not my best lang. lol!

[adedpoet]

Originally Posted by frufrugirl

So this means if you have funds you can take it out but no longer deposit via banks?(usa members) Legaleez is not my best lang. lol!

I think it means that they are reviewing the situation and will continue business as usual for 270 days.

[kwblue]

Originally Posted by adedpoet

I think it means that they are reviewing the situation and will continue business as usual for 270 days.

That is what I understand of it as well.. I also read that they are attempting to comply more quickly than 270 days... Let's see if I can find that...

Posted at CAP (Hope you don't mind the reference here Prof):

Originally Posted by Professor

Neteller has stated they will come into compliance with the new law and bar gaming related transactions for US residents. Yesterday they announced they were moving towards that conclusion at an accelerated rate.

Doesn't sound real good to me

[paul02085]

I predict they will dump U.S. within next couple of months and have a time frame to be able to withdraw but will not take any new deposits and probably wont move money to and from casinos/pokerrooms.

[The Watchdog]

We are in the era of new deposit methods coming up...

Just as Western Union had it time, Neteller might be in the edge of their end.. .But who knows, What I do know is that someone or a lot of people are setting their minds on the most creative ways to give Neteller a new name or just leave it behind and take the next step...

Gambling just like drugs, porn, war, cancer ....... CAME TO STAY

Not in a bad sense, you could compare it to love, greed, popularity or Pop Tarts... the same crap

[swampwitch]

Yep. There'll be lots of new "deposit methods" coming up. Many of which will require:
A. That you sign up at least 5 other new signups under you,
B. All of your banking information,
C. That you sign an agreement that you cannot withdraw actual money and that your actual money has been converted to their special "web money".
After you comply with their funky rules, you then find that no online gambling venues will touch them because they're owned by MLM and securities frauds scammers, and their physical address is a mailbox in a Southern California grocery store.

[Stanford]

Originally Posted by The Watchdog

We are in the era of new deposit methods coming up...

Just as Western Union had it time, Neteller might be in the edge of their end.. .But who knows, What I do know is that someone or a lot of people are setting their minds on the most creative ways to give Neteller a new name or just leave it behind and take the next step...

Gambling just like drugs, porn, war, cancer ....... CAME TO STAY

Not in a bad sense, you could compare it to love, greed, popularity or Pop Tarts... the same crap

I think people are looking at foreign banks. I suspect there will be some banks that will be easy to do business with. Possibly european.

What I think the casinos ought to do is allow americans to play if they swear they are playing from a foreign country. That's what happens with brick and mortar casinos. Texas doesn't allow casino gambling, but Vegas doesn't care.

Stanford

[Simmo!]

Originally Posted by Stanford

I think people are looking at foreign banks. I suspect there will be some banks that will be easy to do business with. Possibly european.

Probably not in the UK though. I just opened up a new bank account for my company with a big Brit bank and they hinted that I couldn't use it to fund any gambling transactions with the USA! Not an issue, but shows they have one eye on the new UIGEA.

[AussieDave]

Speaking of banks anyone heard any updates regarding the legislation of online gambling pertaining to South Africa? Was ear marked as far as I was told for Oct - Nov 2006.

If this does go thru then I'm sure banks in SA will line up for a slice of this pie