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Yep I have been told by multiple sources that the same things will be happening.
I have also seen letters sent out by UK and Commonwealth banks to their clients saying that they will close ALL accounts of any business which is NOT in compliance with the new US law.
Based on this development I believe the Treasury department has ALREADY issued warnings to banks and financial institutions that they must come into compliance immediately if they do not wish to face punitive actions taken against their US operations and subsidiaries.
Thats the only thing that would explain such a swift response from the banks.
Does anyone know what exactly Neteller will be doing as far as getting money out? Are they just going to stop transfering money to casinos and poker rooms or are they not going to accept payments from them also?
Hi all,
does anybody know how NETeller will deal with money still in the accounts of US citizens when/if the hammer falls?
will they be sending checks? will people be getting paid the money they have in their accounts thru one way or another or what?
thanks in advance for your replies
Plus you have to worry about the banks not accpeting money from Neteller!!!
Checks from Neteller come overnight, and they don’t mention Neteller at all. They come from a bank in Chicago.
Regarding NETeller, based on some candid and inside conversations with some people over there that I have had as late as today, they are not planning on going away, at least for 270 days. This is good news. If this beheamoth were to turn around and decide to defect, I think this would have been a further big blow to us. One never knows of course, they could always change their mind, as several gambling vendors have done in the span of a week.
There are still other short-term eCheck and ACH options for us, mind you, but NETeller keeps us all in the game, at least for residual earnings.
As a former IT guy, I can say that for the US to mandate these type of banking requirements is certainly doable, but will take years to implement, and will certainly require the cooperation of the entire international banking space. If NETeller is resistant here, some of the others may resist as well, and this entire banking fiasco could break down.
Although much damage has been done with all our vendors bailing these past few week, it’s the affiliate promotion area that is of major concern to me. As an American with US-based-hosting, I have shut down my links until I feel out what is going on and/or come up with some alternate legal/incorporation/banking plans. I do not want to be made a test case.
To preserve recurring residual income (a separate issue in my mind), we need the crux of this law to fall on its face. A couple of things can happen here that can help us:
– Congress turns Democratic in November. There may be less impetus
to push this thing into full gear with a Democratic Congress, and there
may be more recourse to challenge the legality of the law, with chance
for ultimate amendment, with a Democratic Congress in place.– The whole ignorance of WTO dictums by the U.S. could come up as a
bigger issue in 2007. The US (current administration) doesn’t give a
crap about Antigua or Barbados. With the UK’s likely government
administration change (Blair going out), their reception to US will be
less warm than it is currently. The rising political faction in UK has
already talked about troop withdrawal from Iraq. What I’m saying here
is that expect them to be more actively opposed to US in this WTO
violation, especially since the UK is moving to a pro-online-gambling
strategy. That, coupled with the fact that the US is looking to the WTO to
provide economic sanctions on China, may mean that the WTO may
wield more power in 2007, and could result in the US softening
its stance on gambling eventually. Just a hypothesis here.– With mid-term elections out of the way come November, there may be
less impetutus (regardless of party) to pushing the banking bill along.
Unless, of course, the land-based casinos start beating the drum hard.OK, just thought I’d share some ideas here, while I’m watching football with my son…..
Also, if and when the B&M’s come online which is looking increasingly likely, they will need some sort of legislative agreement and probably a payment processor of some sort. Those developments could be interesting, especially if you look at it with an anti-competitiveness hat on.
