I thought I would take today to answer a question I have been asked several times when I am out conducting BSA Independent Tests. On the new CTR form, what is the NAICS code?
The North American Industry Classification System (NAICS) is a six digit code that represents the type of industry the business belongs to. It is then used by Federal statistical agencies to collect, analyze and publish statistical data related to the U.S. business economy. FinCEN provides a list of acceptable NAICS codes for use on the CTR forms here.
As a reminder, the field is not classified as a “critical field” on the CTR form, which means the CTR may be field without it. However, this may not always be the case. FinCEN expects that CTRs provide as much information as possible prior to filing. I would recommend revising your account opening procedures/checklists to obtain this information for new business accounts.
Have a great rest of the week.