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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