Export penalty case illustrates importance of self-disclosure

Posted Posted in Did You Know?, Regulatory

A recent OFAC penalty case against an exporter illustrates the importance and clear monetary benefit of pro-actively reporting regulatory failures and implementing significant safeguards. In import considerations, such disclosures would typically take the form of the formal Prior Disclosure process, whereby an importer voluntarily reveals the errors and makes monetary amends of duty owed (if […]

ISF Single Transaction Bonds

Posted Posted in Did You Know?

Only US Customs brokers can purchase and utilize ISF single transaction bonds. If your ISF compliance is managed through a forwarder or filing service, you will not be able to utilize ISF single transaction bonds, which could lead to problems with the filing of late ISF transactions. The bond amount for an ISF filing is […]