News
Effective on March 15, U.S. Customs and Border Protection fully enforced the Importer Security Filing 5s (ISF-5) requirements and is set to assess liquidated damages against late or non-filings against importers.
Under the ISF-5 scheme, ISF importers or their agents are required to submit five data elements including booking party, foreign port of unlading, place of delivery, ship-to party and the Commodity Harmonized Tariff Schedule for Foreign Remaining On Board (FROB) cargo, Immediate Exportation (IE) or Transportation and Exportation (T&E) in-bond shipments, and for goods to be delivered to an FTZ.
Additionally, CBP has expanded the definition of ISF importer to include non-vessel operating common carriers (NVOCCs) for FROB shipments.
CBP will assess liquidated damages for a late or non-filed ISF and the maximum penalty will be $5,000 per violation.
