OFAC - $1.7 Million Penalty Against Bank for Processing Transactions for Sanctioned Entity The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $1,700,100 settlement with UBS AG (UBS) - financial institution headquartered in Switzerland. UBS agreed to settle its potential civil liability for 222 apparent … [Read more...]
Delayed – Mandatory Use of ACE for Entry/Entry Summary Filing
Delayed - Mandatory Use of ACE for Entry/Entry Summary Filing From CBP - CSMS: Updated Timeline for Mandatory Transition to ACE for Electronic Entry and Summary Filing Executive Council, and the White House, U.S. Customs and Border Protection has been actively tracking and assessing stakeholder readiness for the mandatory filing of all electronic entry and entry … [Read more...]
USPPI Responsibilities – Checklist
USPPI Responsibilities - Checklist Here is a checklist that will assist as a tool for establishing procedures and collecting information to ensure that your organization complies with all FTR’s and other government regulations: Did I check to see if any of the goods have the proper licenses? Are any products on the U.S. Munitions List (USML)? If yes, does this … [Read more...]
USPPI Responsibilities
USPPI Responsibilities What is a USPPI? The USPPI, as defined by FTR (Foreign Trade Regulations), is the person in the United States that receives the primary benefit, monetary or otherwise, of the export transaction. If you are the recipient of the purchase order from the overseas party for cargo that is exported and your invoicing them for the product, you are the USPPI … [Read more...]
Iranian Company Pleads Guilty to U.S. Export Violation
Iranian Company Pleads Guilty to U.S. Export Violation An officer of Falcon Instrumentation & Machinery FZE, an Iranian corporation formerly known as FIMCO (Falcon/FIMCO) , entered a plea of guilty on behalf of the corporation to conspiracy to evade export licensing requirements. The conspiracy: An attempt to smuggle to Iran a machine with possible military as well … [Read more...]