FMC filing- LT LearnTube

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[Audio] The FMC filing process is a critical step in ensuring compliance with regulatory requirements. The key components involved must be understood as we move forward with this process. This part of our series focuses on the initial steps and procedures that need to be taken. Understanding these fundamental concepts enables you to navigate the complexities of the filing process and ensure accuracy and efficiency throughout..

[Audio] Data retrieval from AFLS marks the beginning of the FMC filing process. Approved customer data is retrieved from the Maersk Contract Management System, providing the necessary information for the next steps. Once retrieved, this data is then filed with the Federal Maritime Commission, ensuring regulatory compliance. By adhering to these regulations and guidelines, we guarantee that contracts and amendments meet the required standards..

[Audio] Maersk Line has made a commitment to comply with local laws wherever it operates. This commitment is also reflected in its company policy, which emphasizes the importance of responsible business practices. By being FMC compliant, it ensures that it operates within the legal framework set by the Federal Maritime Commission and protects both the company and individuals from potential legal issues. Failure to comply can result in monetary fines and civil or criminal penalties against the company and individuals involved. Its responsibility is clear: it must follow all applicable laws and regulations and maintain high standards of integrity and compliance..

[Audio] A Letter of Authority, or LOA, is required when an agent acts on behalf of a shipper. This letter, issued by the shipper, confirms that the agent is permitted to sign contracts in their name. It is essential that the LOA is printed on the shipper's official letterhead and clearly states the agent's authority. The LOA remains valid unless the shipper notifies us that the agent's authority has been revoked or if we identify any suspicious activity..

[Audio] Our FMC team checks whether the Letter of Authority provided by the customer is still valid when creating a new contract through sales. They use the original document for filing purposes if it is valid, and inform sales accordingly. If the Letter of Authority is no longer valid, our team requests a new one from the customer. Our team also verifies the content of the existing Letter of Authority to ensure its authenticity..

[Audio] When a new FMC contract is created, it must be filed with the regulatory body to ensure compliance with their regulations and guidelines. Initial filing and subsequent amendment filing are mandatory for any FMC contract to be compliant. An amendment cannot be filed if the contract is not initially filed with the FMC. If initial filing is missed and sales requests an amendment filing, the contract will be considered for initial filing, and a physical signature is required. Exempt commodities do not require filing and will display an "N/A" status in AFLS. However, if an exempt commodity is filed with the FMC, it becomes non-exempt. If an FMC contract is not filed with the regulatory body, the contract will be non-compliant, and all bookings placed under that contract number will be rated according to the tariff..

[Audio] To ensure seamless integration of new affiliates into our FMC contracts, we need to follow specific procedures. When adding or removing affiliates, it's essential to file an amendment with the Federal Maritime Commission (FMC), accompanied by customer approval. This step ensures compliance and facilitates a smooth process. Our Compliance and Harmonization Management (CHM) team conducts an authentication check to verify the legitimacy of the affiliates being added, guaranteeing they meet the necessary requirements. Additionally, we have established rules for adding affiliates based on the contract type. For Non-Vessel Operating Common Carrier (NVOCC) contracts, all affiliates must be registered on the NVOCC website, located at https://www2.fmc.gov/oti/NVOCC.aspx. In contrast, for Business Cargo Owner (BCO) contracts, all affiliates must be cargo owners. By adhering to these guidelines, we can maintain accurate records and prevent any potential issues related to affiliate management..

[Audio] We will now focus on the key takeaways from what we've covered so far. The main features of our product have been reviewed and their benefits for your business explored. It's time to apply this knowledge in practice. Proceed to the next step by providing any additional information needed to complete the task. Ensure a seamless integration of our solution into your operations..