Summary
The Royal Institution of Chartered Surveyors (RICS) is urging members to participate in a consultation regarding an updated Financial Crime Standard. This updated standard addresses emerging financial crime risks, particularly those related to new technologies like AI and cryptocurrency. The consultation aims to ensure the standard is practical and effective, safeguarding the profession and the public interest.
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RICS Seeks Member Input on Crucial Financial Crime Standard Update
The Royal Institution of Chartered Surveyors (RICS) is calling on its members to contribute to a vital consultation on an updated Financial Crime Standard. This standard, titled “Countering Financial Crime: Bribery, Corruption, Money Laundering, Terrorist Financing and Sanctions Violation,” aims to equip RICS members and regulated firms with the tools to combat evolving financial crime risks. The consultation period closes on April 22nd, 2025, so members should act quickly to have their voices heard. This update is particularly crucial given the rapid advancement of technology and its impact on financial crime.
Addressing Modern Challenges: AI, Cryptocurrency, and Illegal Trading
The updated standard addresses several key areas, including:
- Technological Advancements: The rise of artificial intelligence (AI) and cryptocurrency presents new avenues for financial crime, and the updated standard incorporates guidance on navigating these challenges.
- Global Trade and Sustainability: The standard also considers developments in global trade and sustainability concerns, specifically addressing illegal natural resource trading and its contribution to financial crime.
- Transparency and Accountability: The RICS aims to promote greater transparency and accountability within the built and natural environments through the updated standard. This is essential for maintaining public trust and ensuring ethical practices within the profession.
Consultation Crucial for Effective Implementation
The RICS emphasizes the importance of member participation in this consultation. Feedback from members, regulated firms, and stakeholders will ensure the standard is robust, practical, and responsive to real-world applications. The consultation offers members an opportunity to shape the future of the profession and contribute to the fight against financial crime. RICS professionals are encouraged to review the proposed 2nd edition of the standard and provide feedback through the RICS iConsult platform or via email to [email protected].
Ensuring a Robust and Responsive Standard
The RICS has underscored the need for a robust and responsive Financial Crime Standard to maintain public trust. Nicholas Maclean, Acting President and Acting Chair of Governing Council, and President Elect of RICS, stresses the importance of member participation, stating that it “strengthens the profession’s collective ability to address emerging financial crimes, ensuring transparency, accountability, and ultimately – upholding public interest.” This sentiment is echoed by Jo Upton, Chief Executive Officer at Pegasi Management Company Limited, who highlights the consultation as both a professional obligation and a collective commitment to upholding the highest ethical standards. The RICS urges all members to contribute to this vital consultation to ensure the updated Financial Crime Standard is effective in mitigating risks and promoting ethical practices within the profession. While the consultation focuses on financial crime, it’s important to note that other aspects of building regulations in the UK, such as fire safety and accessibility, are also subject to regular updates and reviews. These regulations aim to ensure that buildings are safe, healthy, and high-performing, and professionals in the built environment must stay informed about the latest requirements. The RICS Financial Crime Standard complements these broader building regulations by addressing the specific challenges posed by financial crime within the property sector.
A Call to Action for RICS Members
The RICS emphasizes the urgency of participation, given the closing date of April 22, 2025. Contributing to this consultation is not merely a formality but a crucial step in safeguarding the profession and upholding the public interest. By engaging with the updated standard, RICS members can collectively strengthen the profession’s ability to combat financial crime in an increasingly complex global landscape. The RICS urges all members to take advantage of this opportunity and contribute to the development of a robust and effective Financial Crime Standard. It should also be highlighted that the consultation is open not only to RICS members but also to regulated firms and stakeholders across the industry. This inclusivity aims to gather a diverse range of perspectives and ensure the final standard is as comprehensive and effective as possible.
The inclusion of illegal natural resource trading within the updated standard is noteworthy. This highlights the evolving scope of financial crime and the importance of considering environmental factors in risk assessments within the property sector.
Thanks for highlighting that important point! The link between environmental factors and financial crime is becoming increasingly clear, especially within the property sector. Integrating this into risk assessments will be crucial for a more holistic and responsible approach moving forward. It’s a complex area, what practical steps do you think firms should prioritise?
Editor: FocusNews.Uk
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The emphasis on transparency and accountability is key. How can RICS leverage blockchain technology to enhance traceability in property transactions and combat money laundering more effectively?