Customs Regulatory Control Study Guide

Regulatory agencies are needed to make sure laws are followed in real-world conditions. Although they wouldn’t be necessary if everyone fully understood and complied with their legal obligations, in practice people may make mistakes or choose not to comply. Therefore, governments rely on regulators to oversee, support, and enforce compliance with laws and regulations. Here, then, are three important roles for regulators: 

1	Enforce the law Ensure duties and taxes are correctly assessed and paid, and that all business dealings comply with regulatory requirements.
2	Ensure awareness Make certain that members of the private sector are fully aware of their rights and legal responsibilities.
3	Balance control and facilitation Apply risk management principles to minimise regulatory intervention while maintaining appropriate compliance control, keeping red tape to a minimum.

Effective application of the principles of risk management is the key to achieving such a balance.