How a counterparty is checked
- IdentityCompany registration and authorized signatories
- OwnershipWho owns and controls the company
- ScreeningSanctions and other restricted-party lists
- Trade reviewProduct, origin, route and payment
- DecisionApprove, ask for more, or decline
What we ask counterparties for
- Certificate of incorporation or registration
- Names of directors and authorized signatories
- Details of the owners and controllers
- A bank reference, or bank details in the company's own name
- For each trade, the product's origin and the shipping route
Sanctions
As a U.S. company, Yorkwell Petroleum is subject to U.S. sanctions administered by the Office of Foreign Assets Control (OFAC). We screen counterparties, and the vessels and places involved in a trade, against the sanctions that apply.
When we decline
- A party, owner, vessel or place in the trade is subject to sanctions that apply
- Ownership cannot be established
- Documents cannot be verified
- Payment is asked to go to an account not in the counterparty's own name
Records
We keep the records of our checks for as long as the law requires.
Questions
Questions about this policy can be sent to info@yorkwellpetroleum.com. See also our code of conduct.