What type of records is a freight forwarder required to keep?

Prepwise AnswersCategory: Operations CareersWhat type of records is a freight forwarder required to keep?
Career Dev Staff Staff asked 8 years ago
1 Answers
Career Dev Staff Staff answered 8 years ago

Each licensed freight forwarder shall maintain in an orderly and systematic manner, and keep current and correct, all records and books of account in connection with its forwarding business. These records must be kept in the United States in such manner as to enable authorized Commission personnel to readily determine the licensed freight forwarder’s cash position, accounts receivable and accounts payable. The licensed freight forwarder may maintain these records in either paper or electronic form, which shall be readily available in usable form to the Commission; the electronically maintained records shall be no less accessible than if they were maintained in paper form. These recordkeeping requirements are independent of the retention requirements of other federal agencies. The licensed freight forwarder must maintain the following records for a period of five years:

(a) General financial data.
(b) Types of services by shipment.
(c) Receipts and disbursements by shipment.
(d) Special contracts.