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red flag indicators

By Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) | 4 Minutes Read June 2, 2021

Vendor master file blunders caused a $2.7M loss

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.

Article by Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) / Finance and Accounting, Information Technology, Not for Profit / Duty of care, Internal Controls, phishing, red flag indicators, Vendor master file

By McCarthy Tétrault LLP | 3 Minutes Read April 26, 2021

Red flag indicators for virtual currency transactions

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).

Article by McCarthy Tétrault LLP / Finance and Accounting, Information Technology / FINTRAC Guidelines, money laundering, red flag indicators, terrorist financing, virtual currency

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