CTR FAQs - Is it acceptable to indicate terms such as "homemaker,” "retired,” or "unemployed" as descriptions for occupations?

Compliance > BSA > FinCEN CTR FAQs
Q:  Is it acceptable to indicate terms such as "homemaker,” "retired,” or "unemployed" as descriptions for occupations?
 
A:  When recording the occupation, profession, or type of business of the individual or entity listed in Part I, use specific descriptions such as “doctor,” “carpenter,” “attorney,” “used car dealership,” “plumber,” “truck driver,” “hardware store,” etc.
 
Generally, do not use non-descriptive items such as “businessman,” “merchant,” “retailer,” “retired,” or “self-employed.” If words like “self-employed,” “unemployed,” “homemaker,” or “retired” must be used, however, add the current or former profession if known (e.g., “self-employed building contractor,” “retired teacher,” or “unemployed carpenter”). Financial institutions should pay particular attention to customers with non-specific occupations who continually make large cash deposits.
 
 
ADDITIONAL INFORMATION:
This FAQ was obtained from FinCEN’s website, FinCEN CTR FAQs section, which may be found here: 
 

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