ISF Overview
In January of 2008, the Department of Homeland Security issued a "notice of proposed rule making" to institute new security screening rules for ocean shipments bound for the USA. It would require more data elements to be provided by importers and ocean carriers to CBP specifically for the purposes of improving supply chain security screening and to clearly identify all participants in each import transaction.
On November 25, 2008, U.S. Customs and Border Protection (CBP) published in the Federal Register an interim final rule regarding its Importer Security Filing and Additional Carrier Requirements program, commonly known as Importer Security Filing (ISF) or "10 + 2".
The rule requires Importer Security Filing (lSF) importers to provide the required data elements no later than 24 hours before the cargo is laden aboard a vessel destined to the United States.
The party accountable for ISF compliance is the importer. The liquidated damages amount for violations of the ISF requirements were changed from the value of the merchandise, as proposed, to $5000 for each violation.
The label for the party submitting the Importer Security Filing is the ISF Importer. The ISF Importer is construed as the owner, purchaser, consignee or agent such as a licensed customs broker or licensed freight forwarder.
Brokers, or Authorized Agents, must possess a basic import bond, an international carrier bond or foreign trade zone bond. Authorized Agents must also be an approved filer under ABI or AMS. (Summit has an activity code 3, international carrier bond in place and will be filing through AMS)
Effective Date - January 26, 2009
Informed Compliance and Enforcement Date - January 26, 2010
Note: CBP can and will issue fines from this day forward!