Oil and refined products move large sums of money across many jurisdictions, which is why banks, shipowners and regulators look closely at every trade. Good compliance is part of how a serious trading house operates.
Know your customer (KYC)
KYC means confirming who the counterparty is: the legal entity, its owners and its authorised representatives. It also means understanding what the business does and whether the deal makes commercial sense for them.
Sanctions screening
Counterparties, vessels, ports and sometimes the product origin are screened against the relevant sanctions lists, such as those published by the United Nations, the United States, the European Union and the United Kingdom. Screening is repeated when circumstances change, not only at onboarding.
Anti-money laundering (AML)
AML checks look at where funds come from and whether payment patterns are consistent with the deal. Unusual structures, unexplained third-party payments or pressure to skip steps are treated as warning signs.
The documentary audit trail
Every trade should leave a complete paper trail: the contract, inspection reports, certificates of quality and quantity, bills of lading and payment records. If a question is raised later, the answer should be in the file.
- KYC: who we are dealing with
- Sanctions screening: whether we are allowed to deal
- AML: whether the money and the structure make sense
- Audit trail: proof of what was done
Talk to our trading desk
If you are planning a purchase of refined products, tell us the product, volume and delivery schedule and we will come back with an offer.
Contact us