Olorisk Ltd is committed to being fully compliant with the provisions of the Money Laundering Regulations 2017, the Proceeds of Crime Act 2002 and anti-terrorism laws.
To ensure compliance with the law, and to ensure we know and fully understand the identity and structures of Olorisk Ltd clients, we have robust anti-money laundering policies and procedures in place.
Client and Matter Due Diligence
We conduct due diligence enquiries on all new clients to establish and verify their identity and the identity of any beneficial owners. We may also undertake such enquiries on anyone instructing us on behalf of, but who may not be, clients. Olorisk Ltd cannot act if sufficient information is not provided.
We generally require sight of original documentation. Olorisk Ltd uses third party providers who search external electronic databases as part of this diligence process.
Due to the reasons for which Olorisk Ltd may be engaged to provide services, we undertake on-going monitoring of all existing clients and their business type.
Source of Wealth and Funds
We are required to know the source of funds involved in the transactions we are undertaking. We will also have to enquire about the source of client wealth. Olorisk Ltd accept no responsibility for any transactions being delayed while this information is awaited.
We must report to the National Crime Agency and other relevant authorities any suspicion or knowledge regarding money laundering or the proceeds of crime. Olorisk Ltd are not permitted to notify and person of the fact that such reports have been made.
Our duties to report to the National Crime Agency may take priority over any duty to keep personal information and the detail of any transaction(s) confidential.