Sanctions Compliance Commitment
Our Code signifies MedcoEnergi’s commitment to comply with applicable local and international laws and regulations, including economic sanctions and international trade competition laws. This commitment extends to our business partners, including joint venture partners, agents, distributors, representatives, contractors, and suppliers.
Prior 2016, our sanction compliance program was developed at the corporate level through comprehensive due diligence measures. As our business expands and assets grow, compliance with sanctions in business operations becomes increasingly vital to uphold our ethical standards. As part of the 2018 MedcoEnergi Sustainability Report's Action Plan, we implemented the Corporate Sanctions Compliance Policy, effective from September 1, 2021.
Our Corporate Sanctions Compliance Policy mandates sanction screenings as part of the business process and/or due diligence procedures for engagements with potential counterparties or business transactions presenting specific risk profiles.
Anti-Money Laundering Commitment
We uphold the highest ethical standards and strictly prohibit money laundering. We refuse to engage with entities that condone the illicit diversion of resources through such practices. Our Code of Conduct unequivocally articulates our stance against any form of money laundering in our operational activities.
In March 12th, 2024, we launched Corporate Anti-Money Laundering (AML) Policy reinforcing our commitment to preventing money laundering. This policy outlines rules and guidelines for Directors, Employees, and Business Partners to adhere to across our operations. Key measures under this policy include:
- Conducting regular risk assessments,
- Implementing risk-based due diligence, including screening processes,
- Periodic communication and awareness initiatives,
- Implementing robust internal controls,
- Conducting independent audits.
We encourage our Employees and Business Partners to report any concerns or potential violations of our Code of Conduct, policies, and applicable laws through our confidential whistleblowing channels. Every report is treated with utmost confidentiality and investigated in accordance with our policies and legal requirements.
Furthermore, we have implemented policies and procedures to promptly detect and investigate any unusual or suspicious activities, reporting them as mandated by law.
Violations of the Code of Conduct and/or AML Policy may result in disciplinary actions or other appropriate measures against individuals or businesses supplying goods and services to MedcoEnergi.