More Mock questions Flashcards
(16 cards)
What constitutes a bribe under the bribery act?
To offer promise or give a bribe
To request, agree or accept a bribe
To bribe a foreign public official
Failure to prevent a birbe
What happens if a business fails to prevent a bribe?
It is a corporate criminal offence to fail to prevent a bribe
Penalties under the act include 10 years in prison
Or unlimited fine
Can be disqualified from working
What does the bribery act identify to address bribes?
6 fundamental principles:
-Top level commitment
-Proportionality
-Risk assessment
-Due diligence
-Communication
-Monitoring and review
So would you decline all gifts?
It needs to be reasonable and proportionate
Needs to be monitored
Ensure it doe not impact me acting impartially or intergrity
When considering accepting a gift what should you consider?
Is the value of the gift proportionate?
Who is the recipient, individual project team?
Is it for genuine business purposes
When was it made ? was it near the time of tender or valuations etc
Is there any RICS guidance on Bribes and money laundering?
Yes RICS professional standard countering bribery, corruption, money laundering and terrorist financing.
What does RICS guidance say on bribery?
-Must follow bribery act
- report suspicious activity
- Record risk evaluation
-Adequate policies in place
-Encourage transparency
-training for employees
- Gifts and hospitality register
- Responsible person within the firm to carry out due diligence
What would you do if you suspect you client is involved in money laundering?
Must report it to their practice’s Money Laundering Reporting Officer (MLRO) or the National Crime Agency (NCA)
RICS must not be involved of facilitate money laundering.
What is money laundering?
Concealment of illegally obtained money
How long should anti money laundering records be kept?
Anti-money laundering (AML) records should be kept for a minimum of five years after the business relationship or occasional transaction has ended. This applies to records of customer due diligence (CDD) documents and supporting evidence.
What is PI aggregation clause?
This differs to each and every claim. So limit is only once which is fine if you have smaller claims. Each and every claim means that level of cover for every claim
What is run off cover
Run off cover continues to protect after you are no longer practicing.
What is the purpose of PI?
Protects an company and clients from financial loss in the even a claim is made against them as a result of breach of their professional duty.
What are the current RICS rules for registering of firms?
At least 25% of owners are qualified RICS professionals.
Submit yearly return to RICS.
What is a F10? And what makes a project notifiable?
F10 is notifying the HSE of a project. Health and Safety Executive (HSE). A project is considered notifiable if it involves construction work exceeding 30 working days, involving more than 20 workers on-site at any point
