Meeting All of Your Compliance Needs
A Comprehensive Approach to Meeting Customs
The passage of the Customs Modernization and
Informed Compliance Act (Mod Act) implemented many new regulations
for importers. The Mod Act assigns Customs the responsibility for
clearly defining and communicating these regulations to the trade
community. The Mod Act also requires the trade community to act with
Reasonable Care in meeting those obligations and
responsibilities, of which there are severe penalties for
Internal Compliance Reviews prepare companies for
the new Customs Informed Compliance environment and are recommended
by Customs as an indication of exercising the new Reasonable Care
standard. In addition, a thorough assessment of a company’s
customs function often reveals latent opportunities for customs duty
What are the new responsibilities of the Importer?
Reasonable Care: Importers now have a regulatory responsibility to exercise
Reasonable Care when: classifying merchandise, establishing the
value of imported merchandise (using one of the Customs approved
methods), determining country of origin, determining marking
requirements, maintaining an accurate recordkeeping system, and
following all other provisions of the Customs Regulations. Importers
can continue to use a Customs Broker to assist in the above
obligations, but no longer can importers rely solely on the Customs
Broker to ensure compliance. The importer is now ultimately
Statutory and Regulatory Changes: The Mod Act shifts the burden of knowledge of the regulations
directly to the importer. Importers are now directly responsible for
self-education and compliance with Customs laws.
Customs Business Process: The customs function should be clearly defined through solid
written procedures. These procedures must be maintained and internal
controls must be in place to ensure the continued reliability of the
system. Recordkeeping must be coordinated among all departments that
affect the customs function.
Compliance Assessments: Customs is currently conducting Focused Assessment Reviews on
importers. Companies that fail to meet compliance standards are
required to initiate compliance improvement plans, which can be time
consuming, resource consuming, and the reviews can result in severe
penalty assessment. We perform compliance reviews for our clients as
well as assist them through the formal Focused Assessment process.
Integrated Compliance Strategies
What distinguishes Global Trade Solutions LLC from
others is our ability to develop an integrated approach to
fulfilling your Customs needs from start to finish.
As your Import / Export Business Advisor, we can
deliver a full range of services from cost/benefit analysis to
compliance reviews of your Customs function.
Our knowledge of Customs rules and procedures
combined with our experience in business processes provide you with
Contact one of our professionals today!
PO Box 328
Hebron, KY 41048