webmasterchecks issue resolved
 

just got this email from them

Let me first say that I am very pleased to announce this news we just found out.

All Webmasterchecks? accounts are being reactivated by the Department of Justice and our business is resuming normal operations. Any checks that were issued from our US Bank account will be able to be cashed and clear immediately. Our Bank of America account is moving more slowly and should be fully reactivated by tomorrow. Please have your affiliate?s hold Bank of America checks until we send out the confirmation that all is clear.

We would like to give you some background into our situation. When we started researching doing this type of business in 2003-2004, before launching in 2005, we discovered there were not any similar types of businesses that did what we do. Looking further into it, we discovered that many had been turned off by the government for sending out gambling payments or acting without compliance to important anti-money laundering rules, or because they had issues managing their funds and became insolvent.

Knowing this, while building Webmasterchecks, we formed extensive due-diligence procedures to comply with the Patriot Act, Bank Secrecy Act, Anti-Money Laundering laws, Office of Foreign Assets Control (OFAC), Know-Your-Customer, UIGEA (gambling), registered with the Treasury Departments Financial Crimes Enforcement Unit, and took many other precautions. To give you an idea, an AML/BSA Risk Assessment typically runs 70k+, not to mention the Independent Audits and so forth.

During our business continuity audits, we had never expected our bank accounts to be frozen with no previous notification to us or our attorneys. To help prevent this from happening again in the future, our attorneys are proactively in the process of contacting all government agencies that have the authority to do these types of freezes, indicating our willingness to cooperate fully and establishing a relationship so that they can contact us directly in the future if any questions arise.

As stewards of our clients funds, we take these matters very seriously. We hired the right attorney, retained attorneys at a large Washington DC firm including a former assistant US Attorney General and general council to the Department of Homeland Security and got the matter resolved as quickly as possible.

In the next several days we will be providing you with a letter from our banks indicating that we are in good standing, a letter from our attorney with an explanation of what happened, and our attorney is meeting with the Assistant Attorney General of Maryland in the next several days to request a letter of explanation of what occurred, as well as a statement that they have found that we have not acted improperly in any way, and we will pass this over as well.

Webmasterchecks is moving forward. We understand the government has an important role in regulating all banking activity and we will continue to comply with all of the best practices established.

We look forward to resuming all operations and thank everyone for their patience while we resolve this matter fully.

Good toe hear sire.
:thumbsup

I almost came in my pants when I received that email.

those $1,000/hr. attorneys can certainly cut through red tape :)

every company thats been around for a while had its challenges, its all how they dealt with it

glad you guys got this resolved

good deal

Congratulations. The industry needed a shot of good news.

Great news!

a fucking MEN

I take back any post made a few hours ago, this is in my over 10 years in this business the best and to the point statement i have seen.

Agreed. :thumbsup

Glad to hear they got it resolved quickly and hopefully they didn't loose that much business as a result of it all.

good news!

Congratulations :thumbsup

amen, i knew they could make it through, they seem to have their stuff together

Great News. im sure this experience has made you guys a lot stronger ;) glad you seemed to have all your ducks in a row when you needed to

Sweeeet! Glad they got it sorted and hopefully they start sending out all of the checks that they are behind on. Good to know we can now cash the ones we've been holding.

good news...glad they got it resolved

From the other WMC thread

Congrats to Webmasterchecks & affiliates :thumbsup

good news!

Many good things come out of what appear initially to be bad things, and I think this will end up having actually been good for webmasterchecks as a company.

I am sure most people didn't realise how much compliance was involved in setting up and operating such a business, and the fact that they came out of this investigation so quickly indicates that they know what they are doing, and are doing things properly in accordance with the appropriate laws.

The minor inconvenience of some delayed payments should be quickly forgotten.

Too bad they can't go after the government for damages.


EDIT: I suppose one could try, but it would be a fruitless endevor that would only bring further government scrutiny and hardship.

Must say I agree. Im definetly impressed. :2 cents:

fuck ya!

Great news :)

Bizzump for the good people at WMC.

Good news, good job too for taking action to prevent this in the future, will do your credibility some good for sure.

Congrat.......

Congrats to them. They must of really had their ducks in a row for this mess to clear up so fast. The accounts could of been frozen for months on any irregularities.

good stuff and good news.

woow just woow.
This is awesome news!

gtbills accounts have been frozen for 3-4 months already

sapphic cashs tells that situation of Bank of America account of WC is still unclear.
Can anyone confirm?

they said it here

ahh sorry. thanks for clarification :)