NETELLER Introduces Service Fee, Ramps Up Anti-Money Laundering Efforts

NETELLER to charge users failing to log in or make transactions and to close user accounts on suspected criminal activity from March 13, 2019

The new year has brought changes to the terms of use of NETELLER, the online payment service provider that has cemented itself as one of the most widely-preferred methods for online casino- and gambling-related transactions.

NETELLER has recently begun spreading the word about the upcoming implementation of certain changes to its terms of use via email notices to its customers. Starting March 13, 2019, NETELLER account holders could be charged an additional monthly fee depending on the frequency of use of the digital wallet. In addition, they can have their accounts suspended or restricted on suspected criminal activity.

The changes will apply to services provided to customers by NETELLER and its sister brand Skrill. The latter has itself begun informing its users about the upcoming changes. Both e-wallet solutions are owned by multi-national online payment company Paysafe Group.

Service Fees and Account Suspension

NETELLER’s email notice reads that while an account with the payment service provider is and will remain free for personal use, a monthly service fee of $5 (or equivalent) will apply if a user fails to log in or make a transaction at least once every 12 months. The new fee will be deducted monthly from a user’s available funds on their NETELLER account.

The other important change in NETELLER’s terms of use involves suspension and termination of accounts on suspected criminal activity. In its email notice, the e-wallet said that it may now suspend a customer’s prepaid card and/or account “or otherwise restrict its functionality” where it reasonably suspects that another NETELLER or Skrill account held by the same user “has been used for any fraudulent activity, money laundering, terrorism financing or other criminal activity.”

As mentioned earlier the newly introduced changes are set to take effect from March 13, 2019 and will apply automatically to all services provided by NETELLER to its users.

Digital Wallets – the Blind Spot in Anti-Money Laundering Efforts?

The phenomenal growth of payment providers and the proliferation of online gambling and most recently of crytpocurrencies are all having a huge impact on the way financial crimes are committed.

NETELLER’s announcement comes as pressure is growing on online payment service providers that their products can be used for money laundering and terrorism financing and that they are not doing enough to prevent criminal activities.

Years ago, the company found itself embroiled in a money laundering scandal. In 2007, two of NETELLER’s founding shareholders were charged in the United States with money laundering. Stephen Lawrence and John Lefebvre, both Canadian nationals, were found to have laundered billions of dollars in illegal gambling proceeds and were each facing 20-year sentences.

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