Q: How do I determine whether or not to indicate a North American Industry Classification System (NAICS) Code?
A: FinCEN previously issued guidance in March 2012 that addressed the selection of the NAICS Code on the FinCEN CTR and FinCEN SAR. FinCEN emphasized that financial institutions will continue to be expected to provide only that information for which they have direct knowledge. As noted in that guidance, the issuance of the FinCEN CTR does not create any new obligation or otherwise change existing statutory and regulatory requirements for the filing institution. In addition, use of a NAICS code is not mandatory, and a financial institution may still provide a text response with respect to this information within the “Occupation” field.
Please note that batch filers must use only the 3-4 digit NAICS codes on our approved list of codes. Discrete filers can select from the available drop-down list embedded within the CTR.
This FAQ was obtained from FinCEN’s website, FinCEN CTR FAQs section, which may be found here: