New RICS standard sets out key professional obligations to mitigate risks of financial crimes

RICS is consulting on a new standard designed to help property professionals and regulated firms, address the risks posed by bribery and corruption, money laundering and terrorist financing. It concentrates on RICS professionals and regulated firms to minimize their exposure to these risks and guard against these financial crimes in their day-to-day business operations. RICS aims to engage professionals and industry stakeholders on whether the proposed Professional Statement meets their needs and sets out their obligations to mitigate the impact of these risks on their business practices through an extensive global consultation. Peter Bolton King, RICS Global Director of Professionalism and Ethics said “If these risks are not appropriately identified and managed, they could have a direct impact on day to day work, as well as on businesses and consumers, and the trust these groups place on professionals. By setting out the obligations of RICS professionals and regulated firms, the Professional Statement promotes transparent and ethical business behavior which promotes market confidence in the profession.”