https://www.taxtmi.com/news?id=16832 Banks should report large or atypical cash deposits and deposits in accounts inconsistent with an account's historical activity to tax or financial intelligence authorities for analysis against known sources of income, with penalty and prosecution where deposits exceed legitimate income; deposits made by intermediaries and jewelers' cash receipts should be correlated with buyers' tax identifiers and analyzed against known income. Implementing cash holding limits and limits on cash transactions, together with undisclosed reporting thresholds, is recommended to prevent reaccumulation of illicit cash and structuring. en-us Sat, 12 Nov 2016 10:24:07 +0530 Sat, 12 Nov 2016 10:24:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16832 Banks should report large or atypical cash deposits and deposits in accounts inconsistent with an account's historical activity to tax or financial intelligence authorities for analysis against known sources of income, with penalty and prosecution where deposits exceed legitimate income; deposits made by intermediaries and jewelers' cash receipts should be correlated with buyers' tax identifiers and analyzed against known income. Implementing cash holding limits and limits on cash transactions, together with undisclosed reporting thresholds, is recommended to prevent reaccumulation of illicit cash and structuring. News - Sat, 12 Nov 2016 10:24:07 +0530 https://www.taxtmi.com/news?id=16832