ISF NONCOMPLIANCE UPDATE
CBP has released the following announcement today regarding the next phase of Importer Security Filing (ISF) enforcement.
Title: Initiation Date for Liquidated Damages for ISF Non-Compliance
Date: 6/7/2013 9:04:33 AM
In order to achieve the most compliance with the least disruption to the trade and to domestic port operations, CBP has been applying a measured and commonsense approach to Importer Security Filing (ISF or 10+2) enforcement. On July 9, 2013 CBP will begin full enforcement of ISF, and will start issuing liquidated damages against ISF importers and carriers for ISF non-compliance.
IB&M will continue to keep you informed of any further updates regarding the enforcement of ISF Liquidated damage penalties as well as any corresponding changes to the IB&M Online system for ISF Bonds. As a member of the International Trade Surety Association we have been made aware of the following updates:
- The most likely scenario is that enforcement will be phased in, starting with non-filers and then moving to late filers.
- It is our understanding all enforcement actions taken will be reviewed first by CBP HQ prior to issuing any penalty notices.
- CBP will not be enforcing ISF-5 as of yet due to some unresolved issues.
- The FAQs are still correct and can be viewed at: http://www.cbp.gov/xp/cgov/trade/cargo_security/carriers/security_filing/
- CBP has already created an ISF portal for low volume users in ACE.
- The current interim final rule still applies to all ISFs and CBP plans on issuing a final rule in the near future.
If you are interested in securing E&O Coverage to protect your company from liability arising from mishandled ISF transactions, contact us directly at email@example.com
Or 201-653-6100 Ext. 202.