In an abrupt change of policy on Thursday last week Neteller, the
Isle of Man registered online money transfer firm, said it would comply
with new US regulations that prohibit internet gambling sites taking
money from US residents.
According to a Reuters news bulletin, the company said it would comply
with the Act to ensure that it can continue to operate with the support
of its commercial partners and to protect its shareholders, business
partners, employees and reputation.
However, Neteller added that some areas of the Act remain unclear,
particularly the obligations of financial transaction providers such
as itself.
"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," said a spokesman for the group.
Neteller added that while waiting for clarification, US-resident customers
are able to use its service as normal. Non-US customers are not affected
at all by the legislative changes and the non-US business will continue
to operate as normal.