Noted online payment service provider NETELLER is taking steps to deploy more anti money laundering tactics and it is also bringing in new service fees. The new rules will be made effective from March 2019, said the company. The company is one of the pioneers in online casino- and gambling transactions.
Earlier, NETELLER sent emails to the users informing them about upcoming changes to its service terms. After March 2019, the users may incur additional monthly charges based on how frequently they use digital wallet. Additionally, their accounts may become suspended or restricted if criminal activity is suspected.
Along with NETELLER, its sister company Skrill will resort to the same policies for its users. The latter is now updating the users about impending changes. Both of the e-wallet solutions are operated by Paysafe Group, an online payment giant.
As per the email sent by NETELLER, the accounts offered by it will be free, but the users will have to pay $5 per month if no log in or activity is found in 12 months. The new fee will get deducted from the user’s NETELLER account funds per month.
The other major change in the company’s policy is suspension and termination of the user accounts if criminal activity is found. The activities include terrorism financing and money laundering acts. The users suspected to use their e wallets in such acts will face suspension of accounts.
The emergence and growth of such digital or e wallets have given the cyber criminals a new way to commit money laundering acts online. NETELLER’s announcement comes amidst pressure that is growing on such online payment service providers these days. The company got embroiled in 2007 in a money laundering scandal and 2 of its founding shareholders were slapped with illegal gambling accusations.