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Poker News | Gambling and the Law

Neteller Announces Delay in returning US Funds

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Neteller announced in a press release that the company had not yet resolved the investigation by the US Attorney's Office, and would not by releasing funds to US customers yet. The company said that it was "making significant progress towards achieving a resolution and hopes to be able to announce this within a number of days."

Neteller announced on June 4, 2007 that it had reached an agreement with the US Attorney's Office (USAO) regarding the distribution of US customer funds and "anticipates implementing the plan upon the resolution of the investigation."

So the company is not returning any US players' funds until they complete their investigation, which, to the chagrin of thousands of US customers who have money totaling over $55 million in frozen Neteller accounts, will not happen today. No timeline has been announced for the return of US funds.

In other UIGEA-related news, the federal government has also accomplished nothing as far as announcing the regulations under which financial institutions shall monitor and restrict transactions to online gambling sites. The UIGEA stated that federal regulators would have 270 days from the time the bill was signed into law to establish those guidelines. That deadline passed earlier this week with no word from the government as to what shape those regulations will take.


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