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

TORONTO, May 23, 2018 /CNW/ -- 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.

The new draft standard, called the "Countering bribery and corruption, money laundering and terrorist financing" Professional Statement, sets out the obligations for 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.

Through an extensive global consultation, 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.

The Professional Statement aims 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 sets out professional and ethical behavior by providing practitioners and firms with clear and consistent principles on what constitutes a breach of conduct.

Once finalized, the Professional Statement will apply to all RICS professional disciplines and is global in scope. The consultation runs from May to July and is available at www.rics.org/amlps  

For more information, please contact:

Amie Silverwood
Writer and Media Relations
RICS – 120 Adelaide St. W., Suite 2202 
Toronto, ON M5H 1T1
p 437-990-4695 e asilverwood@rics.org w rics.org

About RICS
RICS promotes and enforces the highest professional qualifications and standards in the valuation, development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards - bringing confidence to markets and effecting positive change in the built and natural environments.

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SOURCE RICS Americas