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Countering bribery and corruption, money laundering and ...

RICS professional statement RICS professional standards and guidance, global Countering bribery and corruption , money laundering and terrorist financing 1st edition, February 2019. Countering bribery , corruption , money laundering and terrorist financing RICS professional statement 1st edition, February 2019. Published by the Royal Institution of Chartered Surveyors (RICS). Parliament Square London SW1P 3AD. No responsibility for loss or damage caused to any person acting or refraining from action as a result of the material included in this publication can be accepted by the authors or RICS. Produced by the RICS Commercial Property Professional Group. ISBN 978 1 78321 330 6. Royal Institution of Chartered Surveyors (RICS) February 2019. Copyright in all or part of this publication rests with RICS. Save where and to the extent expressly permitted within this document, no part of this work may be reproduced or used in any form or by any means including graphic, electronic, or mechanical, including photocopying, recording, taping or web distribution, without the written permission of RICS or in line with the rules of an existing licence.

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1 RICS professional statement RICS professional standards and guidance, global Countering bribery and corruption , money laundering and terrorist financing 1st edition, February 2019. Countering bribery , corruption , money laundering and terrorist financing RICS professional statement 1st edition, February 2019. Published by the Royal Institution of Chartered Surveyors (RICS). Parliament Square London SW1P 3AD. No responsibility for loss or damage caused to any person acting or refraining from action as a result of the material included in this publication can be accepted by the authors or RICS. Produced by the RICS Commercial Property Professional Group. ISBN 978 1 78321 330 6. Royal Institution of Chartered Surveyors (RICS) February 2019. Copyright in all or part of this publication rests with RICS. Save where and to the extent expressly permitted within this document, no part of this work may be reproduced or used in any form or by any means including graphic, electronic, or mechanical, including photocopying, recording, taping or web distribution, without the written permission of RICS or in line with the rules of an existing licence.

2 Every effort has been made to contact the copyright holders of the material contained herein. Any copyright queries, please get in touch via the contact details above. Typeset using Typefi Countering bribery , corruption , money laundering and terrorist financing ii RICS professional statement Effective from 1 September 2019. Contents Acknowledgments iv RICS professional standards and guidance 1. RICS professional statements 1. Glossary 3. Foreword 5. Part 1: Requirements 6. Overview 6. Application 6. bribery and corruption 6. money laundering and terrorist financing 7. Part 2: Guidance 9. bribery and corruption 9. money laundering and terrorist financing 10. Part 3: Supplementary guidance 11. bribery and corruption risks 11. money laundering and terrorist financing risks 11. Reliance 13. Departures 13. Risk-based approach 13. Enhanced and simplified due diligence 14. Compliance and ethics champion 15.

3 Code of behaviour 15. Politically exposed persons (PEPs) 15. Beneficial ownership 16. Whistleblowing 16. References 17. Further reading 18. Appendices 19. Appendix A 20. Template customer due diligence form 20. Appendix B 21. Draft of compliance checks to be carried out by firm 21. Draft beneficial ownership enquiry 21. Anti- money laundering checklist 23. Appendix C 24. Template reliance letter 24. Effective from 1 September 2019 RICS professional statement iii Countering bribery , corruption , money laundering and terrorist financing Acknowledgments RICS would like to thank the following for their contributions to this professional statement. Technical author: Alex Ktorides (Inces Gordon Dadds). With special thanks to Benjamin Atkins and James Fraser Working group: Andrea Amadesi FRICS (APREA). Alexander Aronsohn FRICS (RICS). Nigel Astbury MRICS (Christie and Co). Peter Bolton-King FRICS (RICS).

4 Caitriona de Burca (Sherry Fitzgerald). Gillian Dixon, Gerald Eve Frances Forsyth (Arcadis). Raquel Loll (RICS). Vicky Moss (BNP Paribas Real Estate). Ilana Rosenzweig (RICS). Thijs Stoffer (ICREA). Cyril Troyanov (Altenburger Ltd). Jo Upton MRICS (Pegasi). Richard Watson MRICS. RICS Professional Group lead: Nigel Sellars FRICS (RICS). Special thanks: Jon Bowey MRICS. RICS Publishing: Standards Publishing Manager: Antonella Adamus Project Manager: Ellie Scott Editor: Sean Agass iv RICS professional statement Effective from 1 September 2019. RICS professional standards and guidance RICS professional statements Definition and scope RICS professional statements set out the requirements of practice for RICS members and for firms that are regulated by RICS. A professional statement is a professional or personal standard for the purposes of RICS Rules of Conduct. Mandatory vs good practice provisions Sections within professional statements that use the word must' set mandatory professional, behavioural, competence and/or technical requirements, from which members must not depart.

5 Sections within professional statements that use the word should' constitute areas of good practice. RICS recognises that there may be exceptional circumstances in which it is appropriate for a member to depart from these provisions in such situations RICS. may require the member to justify their decisions and actions. Application of these provisions in legal or disciplinary proceedings In regulatory or disciplinary proceedings, RICS will take into account relevant professional statements in deciding whether a member acted professionally, appropriately and with reasonable competence. It is also likely that during any legal proceedings a judge, adjudicator or equivalent will take RICS professional requirements into account. RICS recognises that there may be legislative requirements or regional, national or international standards that have precedence over an RICS professional statement. Effective from 1 September 2019 RICS professional statement 1.

6 Countering bribery , corruption , money laundering and terrorist financing Document status defined The following table shows the categories of RICS professional content and their definitions. Type of document Definition RICS Rules of Conduct for Members and These Rules set out the standards RICS Rules of Conduct for Firms of professional conduct and practice expected of members and firms registered for regulation by RICS. International standard High-level standard developed in collaboration with other relevant bodies. RICS professional statement (PS) Mandatory requirements for RICS. members and regulated firms. RICS guidance note (GN) A document that provides users with recommendations or an approach for accepted good practice as followed by competent and conscientious practitioners. RICS code of practice (CoP) A document developed in collaboration with other professional bodies and stakeholders that will have the status of a professional statement or guidance note.

7 RICS jurisdiction guide This provides relevant local market information associated with an RICS international standard or RICS. professional statement. This will include local legislation, associations and professional bodies as well as any other useful information that will help a user understand the local requirements connected with the standard or statement. This is not guidance or best practice material, but rather information to support adoption and implementation of the standard or statement locally. 2 RICS professional statement Effective from 1 September 2019. Glossary The following definitions relate to this professional statement and do not include legal or other matters as defined in relation to local legislative or regulatory requirements. Adequate knowledge: An appropriate understanding of the issues and responses connected to bribery , corruption , money laundering and terrorist financing so that the individual can apply the requirements of this professional statement to their role.

8 This level of knowledge will vary depending on the sector, organisation and role that the individual works in. The knowledge may be gained through attending training, private study or work-based experience. Applicable laws: The local and global laws and regulations that apply to firms and individuals. These may depend on the main place of business, where the alleged corrupt act or bribe was paid or received, or the country in which a parent company is registered. Beneficial ownership/owner: Anyone who benefits from ownership of a security or property, who may or may not be on record as the owner. This also incorporates those who exercise ultimate effective control over a legal person or arrangement. In many jurisdictions the beneficial owner is defined as an individual who owns or controls 25%. or more of the shares or profits of a legal entity. bribery : 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.

9 corruption : The misuse of public office or power for private gain, or misuse of private power in relation to business practice and performance. Customer due diligence (CDD)/know your customer (KYC): Taking the appropriate steps to ascertain who the customer or client is and, if relevant, their ultimate beneficial owner is and counterparty. These can be relatively simple checks to verify the identity of the customer/client or may entail deeper investigations. This is a legal and regulatory requirement in many countries. Facilitation payment': A payment made to a government official with the purpose of speeding up a routine administrative action. Such payments are customary and legal in some countries, but in many jurisdictions they are criminalised. money laundering : Concealing the source of the proceeds of criminal activity to disguise their illegal origin. This may take place through hiding, transferring and/or recycling illicit money or other currency through one or more transactions, or converting criminal proceeds into seemingly legitimate property.

10 Person of Significant Control (PSC): Individuals or legal entities who have significant control or influence over a company. This control and influence can be exercised in a variety of ways, for instance the individual has absolute veto rights over decisions related to the running of the company. Politically exposed person (PEP): Individuals and the family members of such individuals, entrusted with prominent public functions by any country or international organisation. This includes heads of state or government, senior politicians, senior Effective from 1 September 2019 RICS professional statement 3. Countering bribery , corruption , money laundering and terrorist financing governmental, judicial or military officials, senior executives of state-owned corporations and directors, deputy directors and members of the board or equivalent functions within international organisations. PEPs who relinquish office or their relatives who cease being family members ( through divorce) are no longer treated as PEPs 12 months after this occurs.


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