Vendor master file blunders caused a $2.7M loss for a company whose insurer refused to cover most of the loss. At the root of the loss was the company's inadequate response to a phishing email. A few simple best practices could have prevented the loss.
red flag indicators
On December 2, 2020, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published guidance on money laundering (“ML”) and terrorist financing (“TF”) red flag indicators for virtual currency transactions. In Canada, businesses dealing in virtual currency are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada).