IFMA standard RICS professional standard

New RICS standard aims to mitigate risks of financial crimes

Friday, June 1, 2018

RICS is consulting on a new standard that aims to inform property professionals and regulated firms on the risks posed by financial crimes, such as bribery and corruption, money laundering and terrorist financing.

The new draft standard, called the “Countering bribery and corruption, money laundering and terrorist financing” Professional Statement, outlines the obligations faced by RICS professionals and regulated firms to minimize their exposure to these risks and prevent these financial crimes from occurring in their own business operations.

Through an extensive global consultation, RICS hopes to engage professionals and industry stakeholders on whether this proposed Professional Statement meets their needs and properly outlines their obligations to diminish the impact of these risks on their business practices.

The Professional Statement seeks to provide a clear description of how to manage the risks posed by bribery and corruption, money laundering and terrorist financing and is aligned to the RICS Rules of Conduct. It outlines professional and ethical behaviour by providing practitioners and firms with consistent principles on what represents a breach of conduct.

Once finalized, the Professional Statement will apply globally to all RICS professional disciplines. The consultation runs until July and is available at www.rics.org/amlps.

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