Cash Intensive Businesses and Money Laundering


As CIBs (cash intensive businesses), the food and beverage businesses are often targets of fraud, especially with the rise of online sales. Money laundering can occur when illegal money is mixed with legitimate profits, making it hard to detect.

In order to stay compliant, restaurants should:

✅ keep accurate records (cash receipts, copies of customer receipts, bank and credit card statements, invoices, bills, tax returns, forms W-2, 1099-MISC, and 1099-NEC)

✅ balance their cash drawer daily

✅ separate personal and business funds

✅ file form 8300 if necessary. Example: if a customer pays over $10,000 in cash in one transaction or two or more related transactions.

The hospitality industry shall stay ahead of the game. To that end, educate your employees and offer them the proper AML compliance training with Serapy's online platform based on real-life cases and expert-verified training. Get your demo now.

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