CTRs: The NAICS Code & Occupation Fields
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We get questions all the time about the NAICS code field on the Currency Transaction Report. It’s also one we find institutions messing up when we go in to do a BSA review. The NAICS code is a “non-critical” field which basically means you are not required to report it but you can’t just skip it either. Another way to say it is, that if you have the information readily available to you, you must report it. If you don’t, you can leave it blank. If you don’t report a NAICS code, you will still report the subject’s occupation.
Kevin explains more in the video.
Published
2022/06/30
Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).