To learn from submission Flashcards
What is the professional statement that covers money laundering & bribery?
Countering bribery & corruption, money laundering and terrorist financing 2019
What does the PS state in relation to bribery?
Firms must: -
- Not accept or offer a bribe
- Have a written policy
- Report actions that could constitute as bribery
- Act with due diligence
What does the PS state in relation to money laundering?
Firms must: -
- Not be complicit with money laundering
- Have systems and training in place
- Report suspicious activity
- Evaluate & review risk
- Undertake due diligence
- Record compliance
What is covered in the PS?
- Requirements in respect of bribery and money laundering
- Gift register requirements
- Corruption Perceptions Index - establishing high risk countries
- How to identify money laundering
- Definitions of due diligence
- Whistleblowing procedures
What is the legislation covering money laundering?
Money Laundering, Terrorist Financing & Transfer of Funds Regulations (Information on the Payer) 2017
Who does the ML, TF and Transfer of Funds Regs relate to?
Professional firms who buy and sell real estate
What are the aims of the ML, TF and Transfer of Funds Regs?
- Sets out the additional obligations for private sector firms working in areas of higher money laundering risk
- Aim to stop criminals from using professional services to launder money by requiring professionals to take a risk based approach
- Firms must put measures in place to identify their clients and monitor how they use services
What is the format of the red book?
Introduction
Glossary
PS1: Compliance with written report
PS2: Ethics and objectivity
Valuation and technical performance standards
VPS 1 - 6
VPGA 1 -11
International Valuation Standards
What are VPS 1 - 6?
ToE
Bases of value
Approaches
Inspections
Models
Report
What VPGAs apply to your work?
VPGA 1 - financial reports
VPGA 2 - secured lending
VPGA 8 - Real Estate interests
VPGA 9 - portfolios
What is VPS1?
ToE
What is VPS4?
Inspections & Investigations
What is VPS6?
Reports
What is VPS2?
Bases of value and assumptions
What is VPS5?
Models
What is VPS3?
Approaches
What is a valuation model?
Different to a valuation method - a quantitative implementation of a method in whole or in part that converts inputs into outputs used in the development of a value
Tell me about the rent review at Unit 5 Royal Buildings? Did you zone this?
As this unit was relatively simplistic in nature, I felt that it was within my area of experience to zone this. The passing rent was £20,000 (£28.40 ITZA) and market rent was £21,120 (£30 ITZA)
Split into 3 zones - 20 sq ft wide and 20 sq ft - half back
