Buyer Onboarding Process – Ametheus

This Standard Operating Procedure (SOP) outlines the process for onboarding new buyers. It is designed to meet strong KYC, risk assessment and compliance standards (based on proven industry systems such as those used by major refiners).

The goal is to verify the buyer’s identity, assess creditworthiness and enable secure trading of crude oil, petroleum products and related commodities.

Best practice sequence: Preliminary KYC → Full Buyer Onboarding Pack → Compliance Review → Approval → Account Activation → Ongoing Monitoring

1. Purpose

To ensure all new buyers are properly verified before trading begins, while maintaining a clear, efficient and compliant process.

2. Scope

  • Applies to all new corporate buyers.
  • Responsible team: Compliance & Onboarding Team
  • Target timeline: 10–15 business days from complete submission (subject to verification and clarifications).

3. Responsibilities

Party Responsibility
Buyer Provide accurate information and complete document set promptly
Onboarding Team Review, verify and process the application
Compliance Officer Conduct sanctions screening, UBO checks and enhanced due diligence when required
Legal Team Review constitutional documents (MOA/AOA) and translations

4. Information & Documents Required from the Buyer

The buyer must submit the following information and documents as one complete package.

A. Corporate Information

Item Details Required
Company Name Full legal name
Registered Office Address
Date & Place of Incorporation
List of Directors Full names + Passport numbers
List of Shareholders & Ultimate Beneficial Owners (UBOs)
Shareholders holding >10% Passport copy + Address proof (utility bill or bank statement)
Group Structure Chart Visual ownership hierarchy
Credit Ratings S&P / Moody’s / equivalent (if available)
Countries of Presence All countries of operation or subsidiaries
Authorised Persons for Fund/Asset Movement Names, designations, contact details & signatures
Key Contact Details Authorised Traders (name, email, phone)

B. Trade Data

Item Details Required
Business Interests Crude Oil / Petroleum Products / Others
Grades Traded e.g. Brent, BLCO, EN590, Jet A-1, etc.
Trading Locations Ports, warehouses (with addresses & capacities if available)
Trading Certificate AOT or equivalent industry certification
GST / VAT Number
Chamber of Commerce / Trade Association Membership Membership numbers + certificates

C. Financial Data

Item Details Required
Latest Annual Report
Audited Financial Statements Last 3 years
Summarised Financial Data (tabular format preferred) Gross Income, Net Profit, Capital, Reserves, Net Worth

D. Mandatory Documents (Certified Copies)

  1. Certificate of Incorporation
  2. Memorandum of Association (MOA)
  3. Articles of Association (AOA)
  4. Annual Accounts – Last 3 Years
  5. Banking Declaration Form (authorised bank accounts)
  6. Credit Rating Certificate (if available)
  7. Trading Certificate
  8. VAT / GST Registration Certificate
  9. Group Structure & Holdings Chart
  10. Any Material Information (litigation, sanctions history, or other disclosures)

Note: If any document is not in English, a certified English translation must be provided together with the original.

5. Process Steps

Step 1: Initial Contact Buyer emails interest to [email protected]. Onboarding Team issues this SOP + document checklist.

Step 2: Submission Buyer submits the completed information and all required documents as a single PDF package (or structured folder).

Step 3: Review & Verification

  • Acknowledgement within 2 business days
  • Completeness check
  • Sanctions screening, UBO verification and third-party checks
  • Enhanced due diligence for high-risk jurisdictions or complex structures
  • Clarifications requested within 5 business days if needed

Step 4: Approval / Rejection

  • Approved: Approval letter issued + trading account activated
  • Rejected: Written reasons provided; resubmission allowed where appropriate

Step 5: Post-Onboarding Monitoring

  • Annual KYC review
  • Transaction monitoring
  • Buyer must notify Ametheus of any material changes (directors, ownership, financial distress, etc.)

6. Important Notes

  • All information is treated as confidential.
  • Incomplete or inconsistent submissions will delay processing.
  • Ametheus reserves the right to request additional documents or conduct enhanced due diligence at any stage.
  • False or misleading information will result in rejection and possible blacklisting.

7. Submission Instructions

Send the complete package to: [email protected]

Subject Line format: Buyer Onboarding – [Company Name] – [Date]

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