IBIA enhances membership due diligence through an updated KYC framework

IBIA – the International Bunker Industry Association continuously reviews its governance and membership processes to ensure they reflect industry best practice and support transparency across the bunkering/marine energy sector.

Following this review, IBIA is introducing an enhanced and structured Know Your Customer (KYC) framework, building on the existing measures already applied during membership onboarding. The enhanced framework will take effect from March 1st and will apply to all new membership applications, with the intention to extend the process to membership renewals in the near future.

As part of this enhancement, IBIA will utilise the Baltic Exchange KYC Platform, a recognised industry due diligence tool designed to support sanctions screening, company verification, and risk monitoring.

The updated framework introduces elements designed to further strengthen transparency and safeguard IBIA members and stakeholders, including:

• Confirmation of Ultimate Beneficial Ownership (UBO) where ownership or control exceeds 25% (for corporate applicants)

• Declarations confirming that both individual and corporate applicants are not engaged in illegal activities

• Confirmation that corporate members (including senior management, directors and beneficial owners) and individual members are not subject to applicable international sanctions

These enhancements align IBIA with evolving global compliance expectations and reflect widely accepted industry standards across shipping and marine fuels markets.

IBIA remains committed to maintaining an open, professional, and trusted membership environment. The updated KYC framework is designed to be proportionate, efficient, and supportive of legitimate businesses operating within the sector.

To read the full policy click here.

For any further details regarding the updated membership application process, you can contact the IBIA Secretariat at ibia@ibia.net