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#1836376 - 07/25/13 03:55 PM Re: NAICS Codes for High Risk Customers Calmeida12: Dani York, CRCM Power Poster
#1836376 - 07/25/13 03:55 PM Re: NAICS Codes for High Risk Customers Calmeida12: Dani York, CRCM Power Poster
Currently using Yellow Hammer BSA software: Internal auditor recommended using NAICS codes for all business accts. I have assigned all "high risk" industry accounts with a score of "50", which automatically puts the customer in the high risk category; example-Real Estate Broker.
Using only the NAICS codes that are permissible on the CTR and SAR limits their value. (You don't have to dumb the list down just because FinCEN did.) NAICS codes do not convey any information regarding the level of money laundering risk that a specific customer might represent; e.g. one cash intensive restaurant may be "high" risk and another ...
the following examples that could be a potential source of money laundering and are considered a “high-risk” entity while not excluding other types of risk such as potential kiting. Complete the High-Risk Entities Included and/or High-Risk Entities Excluded accordingly. “High-Risk” Examples include: Businesses
Assigning NAICS codes in risk rating - 11/06/15 02:01 PM Currently using Yellow Hammer BSA software: Internal auditor recommended using NAICS codes for all business accts. I have assigned all "high risk" industry accounts with a score of "50", which automatically puts the customer in the high risk category; example-Real Estate Broker.
Currently, each of our business deposit accounts is coded with an NAICS code as well as a Risk Rating. In reviewing the risk rating matrix classification, Doctors are included in the high risk category.
BankersOnline.com Forums Banker Forums BSA/AML/CIP/OFAC Forum NAICS List-High Risk Customers Thread Options #1115905 - 01/23/09 02:50 PM NAICS List-High Risk Customers
We're going to start using the NAICS codes. We've built the logic into one of our systems to assign the code automatically. For others, such as loans, the codes are assigned manually. We ask the customer enough questions up front to determine the code. We're really only concerned with identifying those that the regulators consider to be high risk.
If you feel the risk rating score for your customer does not properly reflect the risk associated with the customer, contact the bank’s BSA/AML Officer for assistance. 9. High Risk Entity - If the customer is high or extreme risk, document your review of the customer’s licensing requirements.