Neteller to abide by US gaming legislation

Online money transfer firm Neteller announced today that it would abide by gaming legislation passed in the United States that prohibits online gambling sites from taking money from US residents.

Although based out of the United States, Neteller stated that it would “comply with the Act and its related regulations as if it were subject to the Act’s jurisdiction.”

The company recently opened branches in Sweden and Denmark and is currently planning three additional European division launches.

The Unlawful Internet Gambling Enforcement Act of 2006 bans ‘financial transaction providers’, like Neteller, from transferring funds from American citizens to online gambling websites.

Neteller is a publicly-traded company on the London Stock Exchange and is based on the Isle of Man. The company plans to issue a trading update for its 3rd quarter on October 31, 2006.