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From Verotel Management:
Some banks Verotel works with, under which Bank of America, have
recently earmarked some checks and payments as "related to
transactions of the adult industry", and because of this reason
Bank of America bounced these checks or returned the payments.
Adult industry payments are seen by some US financial institutions
as sources of “money laundering” and/or “terrorist financing”.
Verotel – as a licensed financial institution in the Netherlands – fully
disagrees with this opinion. Within the European legal framework
Verotel has its own obligations to verify the source and destination
of your funds, but clearly this process is not accepted by some US banks.
As Verotel has tens of thousands of merchants providing adult entertainment
services we decided to phase out from Bank of America earlier this month.
We apologize for the inconvenience this has caused you and we will
issue a new check or payment for the full outstanding amount if
you had a bounced check from BOFA. Verotel may be able to compensate all
extra costs that your bank or financial institution may have charged
you cashing checks or receiving payments. Please rest assured that there
are many other US banks and financial institutions available to
provide your Verotel payment on time. Once our payment support department
has all the information it needs it will issue a new US check or payment.
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Verotel
Trusted since 1998
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