Ethics Level 1 Flashcards
When were the rules for members and firms last updated?
2020 - Version 7
They’re currently being consulted and there’s going to be another update, maybe to add some sustainability requirement.
I’ve briefly taken a look at the consultation document and the new format looks a lot sharper, 5 rules and Appendix A Professional Obligations.
What are the rules for members?
Interpretation
Communication
Ethical behaviour Competence Service CPD Solvency Information to RICS Co-operation
What are the rules for firms?
PART 1 GENERAL
Interpretation
Communication
PART 2 CONDUCT OF BUSINESS Professional behaviour Competence Service Training and CPD Complaints handling procedure Clients money Indemnity (PI)
PART 3 FIRM ADMINISTRATION Advertising Solvency Arrangements for sole practitioner incapacity or death. Use of designations Information to RICS Co-operation
What are the 5 Ethical Standards?
Act with Integrity Provide High Standard of Service Act in a manner which Promotes Trust in Profession Treat others with Respect Take Responsibility
What are the principles of Anit-Bribery?
Proportion ability Top level commitment Due Diligence Risk Assessment Communication Monitor and Review
Why is Bribery and Money Laundering bad?
Unethical
Illegal
What must RICS firms do under Anti-Bribery?
The RICS guidance note replicates the 6 principles of Anti-Money Laundering in some respects.
Not accept/give bribes or anything which is portrayed Have registers (gift, hospitality etc) Act with diligence Risk Assess Review and monitor
6 Principles: Proportionate Top level commitment Risk Assessment Due Diligence Communicate Review and monitor
What must RICS members do under Anti-Bribery?
Not offer/accept bribes
Record any gifts/hospitality in registers.
Ensure adequate knowledge/training
Report any suspicious activities
What SHOULD RICS firms have in place regarding Anti-Bribery Act?
Written policies Appropriate control measures Appropriate registers (gift/hospitality) Due diligence Point of contact
What SHOULD RICS members do regarding Anti-Bribery Act?
Don't Accept any Bribes Declare any gifts/hospitality within registers Training and knowledge up to date Due diligence and risk assessment Report any suspicious activities.
How would you assess a New Client under Monery Laundering?
Customer due diligence:
ID Checks
Address Verification
Name verification
Simplified due diligence - maybe appropriate.
Enhanced due diligence - maybe appropriate.
What must RICS firms do under Anti-Money Laundering?
Not facilitate or take part in money laundering Due Diligence checks Risk Assess Keep records Report suspicious behaviour Evaluate/monitor/review
What must RICS members do under Anti-Money Laundering?
Not facilitate money laundering Due diligence Keep training and knowledge up to date. Report suspicious behaviour Keep records of any transactions/works/projects if possible
What are the 5 Red Flags to Assess Money Laundering?
The client The parties The source of funds The transaction The Instruction
Explain your understanding of the 5 Global and Ethical Standards?
They’re introduced to regulate members and firms.
They allign with the 5 Principles of Better Regulation, to provide ‘BETTER REGULATION’
