This means that one transaction cannot overlap multiple 24‑hour windows. For example, you may determine that for operational purposes you will use a 12 am Monday to 11:59 pm Monday static 24‑hour window for wire transfers, but for cash transactions you choose to use a different 24‑hour window, such as 8 pm Monday to 7:59 pm Tuesday.Įach transaction that falls under the 24‑hour rule within a static 24‑hour window will have to be viewed independently from the previous or subsequent static 24‑hour window. You have the option of using different static 24‑hour windows for different transaction types or different business lines. You are not limited to one 24‑hour window for all of your business lines. For example, 9 am Monday to 8:59 am Tuesday. This window is called a static 24‑hour window. You must determine the beginning and the end of your 24‑hour window to identify the transactions that need to be aggregated and reported under the 24‑hour rule. Reports where some of the transactions are the same.Reports where all the transactions are the same.This may result in some reports having the same transactions. the on behalf of party (third party) and beneficiary are the sameįor example, when a person deposits cash into their own account, this person is both the conductor and beneficiary.the conductor/requestor and beneficiary are the same, or.Specifically, there may be transactions where: This process should be documented in your Compliance policies and procedures to ensure consistent aggregation, including if the same person or entity has multiple roles in a transaction. Your business must have a process in place to review and aggregate transactions in accordance with the 24‑hour rule requirement. When transactions occur at multiple business locations in a 24‑hour window, you must report them in accordance with the 24‑hour rule. If you have multiple locations (for example, various locations in cities or provinces across Canada), you should consider the 24‑hour rule broadly across your business. Casino Disbursement Report form – date to be determined.Electronic Funds Transfer Report form – date to be determined.Large Cash Transaction Report form – available October 21, 2023.
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