But what happens if you make that terrible mistake? Does the bank have any responsibility to help you recover your funds?
That's a question we asked Clare last week. Here's what he told us.
Kent Clare, Director, FIU
"Not to my knowledge I think the Central bank would be best positioned to answer but not to my knowledge I think that is a discussion between the customer and the bank because indeed there are times when, indeed the bank had no culpability and so of course there has to be a shared responsibility but, um, there are instances though when the customer has to carefully consider whether or not the bank really did it's diligence and of course you might even want to have a discussion beyond the person, the frontline you ` might want to escalate that to management because these are serious matters, I mean banks are custodians, I sympathize with them because you are trying to do business and in order to make sure that we have the capacity to do things in a virtual, you know without having to use paper and that sort of thing and so I do sympathize with banks but at the same time there has to be insurance for persons who in good faith use the bank's protocols and offerings and so as far as I know there are no specific rules but if your not happy I would escalate it to the management."
