Following a years-long process, U.S. Customs and Border Protection has updated the guidance on setting customs bond amounts that it first issued in 1991.
Bonds are required for a wide range of transactions and activities and are the primary tool CBP uses to safeguard U.S. revenue and ensure compliance with applicable laws and regulations. CBP states that it is imperative for traders to have the information needed to properly submit such bonds but that there have been extensive changes over the last 30 years. These include revisions to CBP’s internal handling of various aspects of bond policy and procedure, the introduction of new (and termination of unnecessary) bond requirements, and the creation of the Automated Commercial Environment eBond test.
CBP has therefore updated its guidance as “an important step along the way to updating and standardizing CBP’s bond policy and administration across the agency.” This update serves to address gaps, to clarify what CBP and the trading public are responsible for when setting and maintaining sufficient bond coverage, and to make clear what factors CBP considers in setting a required bond amount in particular cases.
The updated guidance can be found here, and a summary of changes from the 1991 directive can be found here.
For more information on the changes included in the updated guidance and how they may affect your business, please contact attorney Lee Sandler via email or at (305) 894-1000.
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