Customs Broker liable for penalty u/s 114 for breach of KYC norms

Info Capital Logistic Co. Vs Commissioner of Customs (CESTAT Delhi) Conclusion: Since the Custom Broker was liable to verify genuineness of importer-exporter code, IEC number, identity of client to prevent facilitation of export prohibited goods, therefore, custom broker was liable for penalty in case of breach of KYC norms and mandatory obligations  under Customs Broker Licensing Regulation, 2013. Held: In the instant case, appellant M/s CSB Logistic (Custom Broker) was duty bound as a Custom Broker under the Regulation of 2014 to verify antecedents and genuineness of the importer exporter c...