Recordkeeping Requirements for Importers
Importers of Record (IOR) are required by US Customs and Border Protection (CBP) and the Customs Modernization Act (Mod Act) to have proper records on file for all import shipments into the territory of the United States. These records pertain to any of the following activities, filing a drawback claim, any importation, declaration or entry, transportation or storage of merchandise carried or held under bond into or from the Customs territory of the United States, the collection and payment of fees and taxes to CBP and any other activity required to be undertaken pursuant to laws or regulations administered by CBP. All importers of record (IOR) are required to follow the requirements that are outlined in the Informed Compliance publication issued by CBP (ICP – Recordkeeping (cbp.gov) or the 19 CFR 163 (eCFR :: 19 CFR Part 163 — Recordkeeping).
This publication will explain what every importer needs to be compliant with all their import shipments should CBP request at any time documentation of any shipment within the required time outlined.
If this is not implemented and enforced within your company, it could lead to penalties that can be issued to you as the IOR. CBP can assess an administrative penalty for each release of merchandise not to exceed $100,000, or an amount equal to 75% of the appraised value of merchandise for failure to maintain, store or retrieve a demanded record. If you fail to produce records to CBP at time of request due to negligence, CBP can assess a penalty for each release of merchandise, not to exceed $10,000, or an amount equal to 40% of the appraised value of merchandise, whichever is less.
It is recommended that you read this Informed Compliance publication that is presented by CBP to help you understand the following.
What are records
What is required for recordkeeping
Who is subject to record keeping requirements
What original records need to be kept
What are the requirements for alternative methods of storage
How long are you required to keep certain documents
Recordkeeping compliance program
Following the guidance provided in this Informed Compliance publication will help to ensure you are compliant in the event of a Customs audit or if Customs sends a request for information.
As a Customs broker we are also required to follow these same guidelines. If you should have additional questions or need help implementing this within your company, Juno Customs Solutions can assist. Reach out to us for a consultation by emailing us at compliance@junocustoms.com.