Part 2: Recordkeeping
Recordkeeping
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20m
Recordkeeping is crucial in customs for all trade participants. Accurate trade information impacts revenue and policy decisions. Licensed customs brokers must adhere to specific regulations, including a five-year retention rule for records. Merchandise withdrawal records from bonded warehouses also require five-year retention. Different broker types have varying power of attorney rules, and drawback records need to be kept for three to five years. Recent law changes add complexity, especially for exam preparation.
#Code of Federal Regulations (CFR) Title 19
#Part 111
#Part 163
Up Next in Recordkeeping
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Part 3: Recordkeeping
Customs regulations mandate specific retention periods for various records. Drawback records must be kept for three years, while packing lists are retained for 60 days. Certain documents require five years of maintenance, and power of attorney must be held until revoked or for five years post-rev...
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Part 4: Recordkeeping
Bonded warehouse regulations mandate a five-year record retention from the last merchandise withdrawal. Specific rules detail withdrawal entry types and highlight the need for accurate record-keeping. Customs brokers must inform authorities about alternative record storage methods while ensuring ...
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Part 5: Recordkeeping
Confidentiality regulations require that records remain private unless shared with customs officials or through a court order. Client consent can also permit disclosure. Compliance with regulations is crucial to avoid penalties.
#Code of Federal Regulations (CFR) Title 19
#Part 111
#Part 163
