The Securing Accountability in Foreign Entries Act tightens regulations on who can serve as an importer of record for goods entering the United States. The bill requires importers of record to be U.S. citizens, permanent residents, or entities with a physical U.S. location and at least one U.S. citizen or permanent resident owner or employee—with limited exceptions for entities from Canada, Australia, and certain reciprocal countries, as well as large foreign parent companies with substantial U.S. subsidiaries. The legislation also mandates that importers pay all import duties, taxes, and fees directly to U.S. Customs and Border Protection through electronic bank transfers from U.S.-based accounts verified through anti-money-laundering procedures, and increases the minimum continuous import bond requirement from current levels to $100,000 per importer. Most provisions take effect one year after the bill's enactment, with regulations due within 360 days, giving U.S. Customs and Border Protection time to establish verification procedures and enforcement rules affecting importers, customs brokers, and freight companies involved in international trade.
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