What challenges do companies face when paying employees, partners, or affiliates in cash?

Asked Aug 10, 2015· 1 answer ·United States
Faisal KhanAnswered Aug 10, 2015
I can immediately think of three challenges:

  • COC KYC - Cash Over Counter - Know Your Customer.
  • Distribution Points from where money can be picked up, the more distribution points the better. Distribution also comes with price. Paying out in cash has a cost associated with it.
  • Reporting. Within the US, there is very strict reporting for Cash. It increases the burden in compliance and risk management.

Bonus:

  • Your employees, partners or affiliates, may not want to be paid in cash.
Compliance CostsAnti-Money Laundering (AML)AML Policies and Procedures United States
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