Importer Security Filing is fast approaching. By now you should be familiar
with
10+2 filing requirements and have a plan in place to comply with U.S. Customs this coming
January. Beyond the filing requirements what does this mean for U.S.
Customs bonds?
After the one year informed compliance period of importer security filing
ends, Customs and Border Protection will begin enforcing compliance in the
form of liquidated damages. These damages will be $5,000 for each ISF
violation.
Kill Two Birds With One Bond
Importer Security Filings will be secured with a
continuous bond. The following bonds have
been amended to cover these requirements.
For the first year of implementation fines and
penalties will not be assessed to the bond. An
increase in the Customs bond is not required
at this time. After CBP’s structured review of
importer security filing bonding requirements
may be amended.
- Import bonds
- Custodial bonds
- International Carrier bonds
- FTZ Operator bonds
CBP has also issued a new bond referred to as the Importer Security Filing
bond. This continuous bond will also cover ISF entries.
Do You Still Import Using Single Entry Bonds?
Those importers who continue to import using single entry bonds will need to
purchase the new continuous ISF Bond. TRG offers the most economical
solution for Importer Security Filing to those companies importing under single
entry bonds. Purchase one continuous bond to cover BOTH the ISF filings
and the consumption entries.
TRG has created a presentation outlining 10+2 Importer Security Filing.
Download your complimentary
copy and stay informed.