Back in January, the Commerce Department adjusted it’s civil monetary penalties to account for inflation. The change increases maximum civil monetary penalties for violations of the Export Controls Act of 2018 from $308,901 to $328,121. The rule is effective as of January 15.
AES filings
- 13 U.S.C. 304, Collection of Foreign Trade Statistics (2002); each day’s delinquency of a violation: not-to-exceed maximum per violation from $1,436 to $1,525; maximum per violation, from $14,362 to $15,256.
- 13 U.S.C. 305(b), Collection of Foreign Trade Statistics (2002), per violation maximum from $14,362 to $15,256.
The adjusted penalty amounts serve as a reminder to keep your export compliance program and training up to date. Make sure you monitor your export transactions and processes, and if you do discover an export violation, consider making a voluntary disclosure.
Reach out to Mohawk Global Trade Advisors and ask how to we can help you build a custom export compliance program.