Trade Compliance - Recordkeeping for Exporters - Superior Freight Services Inc.

Trade Compliance – Recordkeeping for Exporters

Each agency has its own regulations:

What Export Records Must be Kept for BIS?

Export control documents and related documents listed in EAR Part 762.2 and in the definition of “Export Control Document” Part 772. For example:

•Licenses, applications and supporting materials

•Evidence of Delivery

•AES records

•Bills of Lading

•Memoranda

•Notes

•Correspondence

•Contracts

•Invitations to bid

•Books of account

•Financial records

•Restrictive trade practice or boycott documents and reports

•Other records pertaining to transactions

Who Must Keep BIS Records?

Any person subject to the jurisdiction of the United States who is participating in the following:

Exports of items from the U.S. and any known reexports, transshipments, or diversions of items exported from the U.S.
Any other transaction subject to the EAR, including negotiations subject to those transactions.

How Long Should BIS Records be Kept?

5 years from the latest of the –

Export from the U.S. of the item
Any known reexport, transshipment, or diversion of such item or
In the case of records pertaining to transactions involving restrictive trade practices, the date the regulated person receives the request or requirement.

In What Form Should BIS Records be Kept?

Original records must be retained in the form in which received or created
Reproductions of originals can be maintained, if the requirements set out in Part 762.5 of the EAR are met

What DDTC Documents Must Be Kept?

Records concerning the manufacture, acquisition and disposition of defense articles
Records concerning the provision of defense services
Records concerning brokering activities
Information on political contributions, fees, or commissions furnished or obtained, as required by part 130 of the ITAR

Who Must Keep DDTC Records?

Records should be kept by any company who is required to register with DDTC.

Registration
License applications
All other records related to any transactions, for product sold in the U.S. or exported

How Long Should DDTC Records be Kept?

Period of five years from:

the expiration of the license or other approval, including exports using an exemption or
the date of the transaction (e.g., expired licenses or other approvals relevant to the export transaction using the exemptions)

In What Form Should DDTC Records be Kept?

Records may be kept in electronic media but must be legible and easily retrievable;
Information must be stored in such a manner that none of it may be altered once it is initially recorded
Missing records is a compliance “red flag” to DDTC
DDTC may prescribe longer or shorter retention period in individual cases