As an accompaniment to our biweekly series on What Every Multinational Should Know About various international trade, enforcement, and compliance topics, below find an update to our “Five Compliance Best Practices” series, which provides quick-hit advice on how organizations (particularly multinational companies) can implement compliance best practices to enhance their compliance programs and internal controls.
Customs recordkeeping requirements are encoded in the Customs regulations and are mandatory for importers. To conduct a quick check on the adequacy of your Customs recordkeeping, consider conducting the following Five Things:
- Ensure You Have a Written Customs Recordkeeping Policy, Whether as Part of Your Customs Manual or Within the Destruction Schedule of Your Records Information Management Policy. Customs recordkeeping is not just a good idea; it is explicitly mandated by the Customs regulations. If you have not recently reviewed your recordkeeping policy, a quick review
