Bribery, Corruption, Money Laundering and Terrorist Financing

Question 1

RICS professional standard is called? And is effective?

Answer 1

Countering bribery, corruption, money laundering and terrorist financing
1st Edition, February 2019
Effective September 2019

Question 2

What is bribery?

Answer 2

The offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action that is illegal, unethical or a breach of trust.

Question 3

What is corruption?

Answer 3

The misuse of public office or power for private gain, or misuse of private power in relation to business practice and performance.

Question 4

What is money laundering?

Answer 4

Concealing the source of the proceeds of criminal activity to disguise their illegal origin

Question 5

What is terrorist financing?

Answer 5

The solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organisations.

Question 6

Countering bribery, corruption, money laundering and terrorist financing overview?

Answer 6

1 Mandatory requirements for anti-bribery and corruption and for anti-money laundering
and terrorist financing.

2 Guidance setting out supporting good practice for anti-bribery and corruption and for
anti-money laundering and terrorist financing.

3 Supplementary guidance on some of the concepts described in parts 1 and 2.

Question 7

Part 1: Requirements: In relation to bribery and corruption RICS-regulated firms must:

Answer 7

• not offer or accept it
• plans to comply with law
• report activity to relevant authorities
• perform periodic written evaluations
• retain information of meeting requirements of this standard

Question 8

Part 1: Requirements: In relation to bribery and corruption RICS members must:

Answer 8

• not offer or accept it
• have adequate knowledge to comply with pro standard
• report activity to relevant authorities

Question 9

Part 1: Requirements: In relation to money laundering and terrorist financing RICS-regulated firms must:

Answer 9

• not facilitate or be complicit
• have systems and training to comply with laws
• report suspicions to relevant authorities
• evaluate and review the risks
• ensure responses to risks are appropriate
• use reliance where appropriate
• take appropriate measures
• verify identity of client
• record and retain information

Question 10

Part 1: Requirements: In relation to money laundering and terrorist financing RICS members must:

Answer 10

• not facilitate or be complicit
• report suspicions to relevant authorities

Question 11

Part 2: Guidance: In relation to bribery and corruption RICS-regulated firms should:

Answer 11

• prepare a written policy
• have appropriate governance and system controls
• encourage transparency
• provide clear guidance for staff
• appoint a contactable person
• publish a code of behavior
• carry out appropriate due diligence

Question 12

Part 2: Guidance: In relation to bribery and corruption RICS members should:

Answer 12

• declare certain items to employer
• attend relevant training
• be familiar and act in compliance with employers policy

Question 13

Part 2: Guidance: In relation to money laundering and terrorist financing RICS-regulated firms should:

Answer 13

• have a written policy
• have appropriate governance and system controls
• provide training for staff as to the risks
• keep reports of suspicions
• identify the beneficial owner
• appoint a senior person to be responsible

Question 14

Part 2: Guidance: In relation to money laundering and terrorist financing RICS members should:

Answer 14

• keep abreast of training/regulation
• comply with employers policy and process
• keep reports of suspicions

Question 15

What is a departure?

Answer 15

where specific legislative, regulatory or court order needs to be followed that differ from some of the requirements of this professional standard.

Question 16

What is a risk based approach?

Answer 16

Assesses the risks to your business.
who you act for,
what you are doing and
why you are being asked to do something