How many years must a U.S. ocean forwarder keep detailed shipment records after a transaction?

U.S. ocean forwarders are required to keep detailed shipment records for a period of five years after the transaction has been completed. This requirement aligns with regulations established by the Federal Maritime Commission (FMC), which mandates that forwarders maintain records for compliance, accountability, and audit purposes. The five-year retention period allows for adequate time for any audits or legal reviews that may arise related to shipments, ensuring that all necessary documentation can be accessed if needed.

Other time frames, such as three, seven, or ten years, do not meet the specific guidelines set forth by relevant regulatory bodies governing ocean shipping, which is why they do not represent the correct retention period for ocean forwarders.