Which of the following describes "due diligence" in customs?

The concept of "due diligence" in customs refers to the obligation of importers, exporters, and other stakeholders in the trade process to take necessary precautions to ensure compliance with all relevant laws and regulations. This includes accurately assessing the classification of goods, determining the correct valuation, and ensuring proper documentation and reporting to customs authorities. Due diligence signifies a proactive approach in following established procedures and taking reasonable steps to avoid errors in customs operations, thereby minimizing the risk of penalties and facilitating smoother trade processes. It embodies the responsibility of companies to implement reliable internal controls and compliance measures to ensure they adhere to customs requirements.