LAWPRO Magazine archives: Funds handling – and the benefits of wire transfers
The recent increase in the number of frauds – many involving counterfeit financial instruments – have been a wake-up call to the bar on two fronts:
- First – fraudsters are targeting all lawyers, not only real estate practitioners. Formore on this, see the article Fraud: A growing problem affecting all lawyers in this issue.
- Second – that there is some confusion about how financial instruments move through the Canadian payments system
and how lawyers can verify that funds deposited to their trust accounts are “good” – that is, final and irrevocable.
The following article is based on interview responses provided to LAWPRO Magazine by three experts in the field of funds transfer: Martin Sclisizzi of Borden Ladner Gervais LLP, Mike Seto of Teranet, and Pierre Roach, Vice President of Payment Services with the Canadian Payments Association.
Click here (or on the image above) to read the full article, which originally appeared in the Summer 2008 issue of LAWPRO Magazine. All past issues of LAWPRO Magazine can be found at www.lawpro.ca/magazinearchives