24-Hour Rule

Under the ‘24-hour rule’, two or more large cash transactions, electronic funds transfers or casino disbursements of less than $10,000 each that are made within 24 consecutive hours that together total $10,000 or more, are considered one transaction of $10,000 or more if the reporting entity, or an employee or senior officer of the reporting entity knows that the transactions or transfers were conducted by, or on behalf of, the same person or entity.

If the reporting entity or an employee or senior officer of the reporting entity does not have actual knowledge that the transactions are by or on behalf of the same person or entity, the transactions are not considered ‘single transactions’ for the purposes of recording and reporting under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.