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MFA offers KYC, sanctions reports to bunkering sector on Russo-Ukrainian War

04 Mar 2022

The Marine Fuels Alliance (MFA) is offering its KYC (Know Your Customer), sanctions reporting services, and more, to help players within the bunkering sector comply with new regulations due to the Russo-Ukrainian War.

The war has recently resulted in a series of sanctions being imposed by the US, EU and their allies against Russia, which could affect compliance operations of certain companies operating within the international maritime sector.

MFA, a bunker organisation formed in April 2021, has been set up as a platform for providing resource and guidance for bunker suppliers and its partner companies, states Executive Officer Anthony Mollet.

“One of the Marine Fuels Alliance’s key aims is to improve transparency and formalise the Know Your Counterparty process to assist counter-parties contracting with each other in full compliance of the latest regulations,” he says.

“The MFA Executive will be performing due diligence on all companies and individuals applying to join the organisation according to the rules of our constitution.

“We recognise the extremely delicate and complex issues facing suppliers and buyers currently. The MFA provides solutions and essential resources including ​sanctions reports for checking any vessel and its recent movements.

“Our valued Partners are available for legal assistance and debt recoveries, providing expert advice to our members around these critical areas of operation.”

Editor’s note: Readers interested in knowing more about MFA’s offerings are welcomed to contact Anthony Mollet at: info@marinefuelsalliance.com

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Photo credit: Marine Fuels Alliance
Published: 4 March, 2022

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