Anti bribery & corruption Flashcards
What must RICS-regulated firms never do in relation to bribery?
Offer or accept anything that could constitute a bribe.
What must all RICS members report if they are aware of it?
Any activity breaching anti-bribery, corruption, or AML laws.
What does ‘adequate knowledge’ mean in the RICS context?
Sufficient understanding to apply anti-bribery, AML, and CTF requirements to your role.
What is the purpose of a ‘Compliance and Ethics Champion’?
To oversee compliance systems and promote ethical practices in firms.
What is Enhanced Due Diligence (EDD) and when is it used?
A deeper investigation into clients/transactions; required for high-risk clients like PEPs.
What must firms do before relying on third-party CDD checks?
Confirm the third party meets legal standards and provides all required information.
What should be included in a firm’s anti-bribery policy?
Risk assessments, rules on gifts/hospitality, conflict of interest guidance, and staff training.
Define a Politically Exposed Person (PEP).
Someone in a high public office, or their family/close associates, considered higher risk for corruption.
What is the difference between mandatory and good practice provisions in RICS guidance?
‘Must’ = mandatory; ‘Should’ = good practice with justification required if not followed.
How often should firms review AML/CTF risks and compliance measures?
Periodically, and after any triggering event or high-risk transaction.
