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. For more on this, see LAWPRO’s Fraud Fact Sheet.
- 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.