The Royal Institute of Chartered Surveyors is calling for their members to have a say in the development of the new standard
The Financial Crime Standard consultation is now open and is taking contributions until 22 April.
The standard update intends to make it easier to fight financial crime for RICS members and RICS regulated firms.
Financial crime is evolving with technology
Emerging technologies such as artificial intelligence and cryptocurrency are providing new avenues for financial crime to take place.
The RICS Countering Financial Crime: Bribery, Corruption, Money Laundering, Terrorist Financing, and Sanctions Violation Professional Standard is being updated to reflect and account for these new threats.
The standard therefore incorporates developments in technology, global trade, and sustainability concerns including illegal natural resource trading. The Financial Crime Standard aims to make compliance easier while mitigating criminal risks and increasing transparency and accountability throughout the built and natural environments.
Members, regulated firms, and stakeholders are being invited to provide feedback on the proposed new standard.
The RICS financial crime standard must be “robust, practical, and responsive”
Nicholas Maclean, the acting president and acting chair of governing council, as well as the president elect at RICS, said: “It is vital that RICS members and regulated firms participate in this consultation to strengthen the profession’s collective ability to address emerging financial crimes, ensuring transparency, accountability and ultimately – upholding public interest. Your input during this consultation ensures it is robust, practical, and responsive to the evolving financial risks facing both the built and natural environment.”
Jo Upton, chief executive officer at Pegasi Management Company Limited, said: “Participating in this consultation is not only a professional obligation, but also a collective commitment to uphold the integrity of our industry. Your insights will ensure that the standard evolves to effectively safeguard against financial crime, fostering trust, transparency, and resilience within the profession.”
Nigel Astbury, director of Christie & Co, said: “Financial crime remains a bigger threat to surveyors than some realise,particularly those brokering property transactions. Knowing the risks and therules will certainly help protect members and the profession.”
Alexander Aronsohn, technical director at the International Valuation Standards Council, said: “Under International Valuation Standards the valuer must follow the ethical principles of integrity, objectivity, impartiality, confidentiality, competence, and professionalism to provide a non-biased valuation and to promote and preserve the public trust. The (2nd Edition) Standard is a key cornerstone to ensure public trust in valuations.”
Katarzyna Studzinska, compliance manager at Colliers, said: “This standard is designed to provide comprehensive information and support to RICS members and regulated firms, helping them maintain compliance and mitigate risks associated with financial crimes. By incorporating new sections such as AI that reflect the current business landscape, the updated professional standard ensures RICS members and regulated firms remain agile and effective in addressing evolving threats and global developments.”
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