Trade Compliance – Recordkeeping for ImportersCBP (U.S. Customs and Border Protection) Regulations:
- 19 CFR Parts 163 and 181
What Records Must be Kept for CBP?
- All records and data required for the entry of merchandise, whether or not required for presentation at time of entry, and
- Records listed on the (a)(1)(A) list, for example:
- Invoices
- Bills of Lading
- Powers of Attorney
- Certificates of Origin
- Special Trade Preference Documents
Types of Records
- Entry Records
- Commercial Invoice, 7501, Other Government Agency Declarations (i.e., TSCA, DOT, FDA)
- Financial Records
- Proof of Payment, Letters of Credit, Refunds, Assists, Royalties
- Free Trade Agreements
- NAFTA Certificates, Other FTA Declarations, Supporting Documentation
Who Should Keep Entry Records?
- Owners of Imported Goods
- Importers of Record
- Consignees
- Entry Filers
Agents of any person described above
For How Long?
Generally, entry documents must be retained for 5 years from the date of entry.
Some Exceptions:
•Drawback
•Packing Lists
•Imports less than $200
•“Bona fide” gifts
•Any other overriding CBP regulations
How?
- Originals should be maintained in the condition they were made or received:
- Paper
- Electronically
- Alternative methods can be used, but the method must be reported to CBP at least 30 days before implementation.
CBP Recordkeeping Penalties
Failure to comply with demand for production of (a)(1)(A) records:
•For willful failure to maintain, store or retrieve the demanded information, the lesser of $100,000, or 75% of appraised value, for each release of merchandise;
•For negligent violations, the lesser of $10,000 or 40% of appraised value for each release; plus potential loss of any special duty rate, (e.g., GSP, NAFTA).
Read more: CBP.gov – Recordkeeping
Leave a Reply