Paymaster Services for Oil & Petroleum Transactions
Crude oil and refined product deals move large sums through chains of sellers, mandates and brokers. The firm receives the funds into its client trust account and pays each party as the signed agreements provide.
Who the firm works with
Refinery and exporter mandates, buyers, sellers and the brokers who connect them. The firm acts for its client under a written Paymaster Agreement; commission beneficiaries are named in the signed commission agreement (often an IMFPA).
How it works
- Call or write to the attorney. Describe the transaction. Bahram Madaen confirms whether the firm can help and quotes the fee.
- Open your secure client account. Register, confirm your email and turn on two-step sign in.
- Complete the Client Information Sheet. The online Know Your Client questionnaire, plus identification and tax forms uploaded in the portal.
- Sign the Paymaster Agreement online. The written agreement sets out who pays, who is paid and when.
- Funds received and paid. After wire instructions are confirmed by telephone, funds arrive in the client trust account and are paid out by wire according to the signed instructions.
Why use an attorney trust account
Client trust accounts are governed by the California Rules of Professional Conduct and overseen by the State Bar of California. Client money must be kept separate from the firm's own funds and accounted for in detail.
What the firm does not do
The firm's role is limited and is set out in the written agreement. The firm:
- does not guarantee that any transaction will close or that any party will perform;
- does not inspect, value or certify goods, commodities or digital assets;
- does not operate as an escrow company, bank, money transmitter or currency exchange;
- does not buy, sell, hold or transfer cryptocurrency for clients;
- does not give investment advice.
Compliance on every engagement
Federal law requires the firm and its bank to know who is sending and receiving funds. On every engagement the firm:
- verifies the identity of each individual and the owners and controlling persons of each company;
- collects IRS Form W-9 or W-8BEN / W-8BEN-E;
- screens all parties against U.S. Treasury (OFAC) sanctions lists;
- asks about the source of funds and the purpose of the transaction;
- declines or ends any engagement where documents do not match, a party will not identify itself, or the facts suggest fraud or another unlawful purpose.
Discuss your transaction with the attorney
Call or write to Bahram Madaen. Fees quoted per transaction. Please contact Bahram Madaen directly for a price. Every fee is set out in a written agreement before any funds are received.