Compliance

Know-your-customer and anti-money-laundering checks are completed before any contract is signed: identification of the entity and its beneficial owners, source of funds, and the purpose of the trade. Files are refreshed on a fixed cycle and whenever a counterparty's circumstances change.

Counterparties, vessels, ports, cargo origin and banks are screened against the United Nations, European Union, United Kingdom, United States and Swiss sanctions lists before contracting and again before loading. Trade in restricted markets is conducted only within the licences, exemptions and authorisations that apply.

Every shipment carries independent inspection reports for quantity and quality, certificates of origin, bills of lading and the full chain of title. Vessel history and AIS data are reviewed before nomination is accepted.

Petrolity does not pay, offer or accept improper advantages in any form, and expects the same of its agents, intermediaries and partners. Gifts, hospitality and third-party payments are recorded and approved.

Vessels are vetted, products meet the sulphur and quality specifications of the receiving market, and transport and storage partners operate to recognised safety standards. Petrolity reports its activities to the authorities and partners that require it.

Compliance reports directly to the board of Petrolity. External counsel and auditors are engaged in the company's home jurisdiction and in the markets where it trades.