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Neteller Saga Will Soon End

Nearly a year after the U.S. looked to Neteller for violating U.S. policies limiting the ability for financial institutions to process payments from online casinos and internet gambling sites, Neteller has made its final payment to the U.S. Though the issue is not completely over, Neteller’s 2008 financial reports will not show losses related to the run-in with U.S. authorities. Neteller has repaid the majority of the 94 million that it owed to U.S. players who had monies left in their e-wallet accounts. Now that Neteller has met the terms of the settlement with the U.S. Department of Justice, the company is looking into emerging markets and new technology to rebuild a customer base and strengthen the company’s financial situation.

Neteller violated terms of the U.S. online casino gambling ban known as the Unlawful Internet Gambling Enforcement Act, and as such were fined US $136 million, in addition to the US$ 94 million that the company had to return to U.S. customers. Neteller has spent months reimbursing players, and just last week made the last payment to the U.S. to account for the $136 million owed to the Department of Justice.

The U.S. Department of Justice has previously seized a reported $60 million in funds from the company’s frozen assets – this figure was actually mildly too high, and the U.S government actually seized $57.7 million from the online casinos payment processor. The latest payment to the U.S. just last week included the difference between the $136 million owed and the confiscated amount.