Ethics, Rules Of Conduct And Professionalism Part 2: Professional Practice Issues Flashcards
What key legislation ranges to gifts and bribery?
Bribery act 2010
What is an aim of the bribery act 2010?
Aims to reduce bribery in business in the uk and abroad
A bribe can be the giving, offering, promising or receiving of an advantage such as a payment, gift or a service for an action which is illegal or a breach of trust.
What regulation relates to money laundering?
The money laundering, terrorist financing and transfer of funds regulations 2017
What is money laundering?
Money laundering is when proceeds of criminal activities are disguised or converted and then realised as legitimate assets
What are some key provisions of the money laundering, terrorist financing and transfer of funds regulations 2017?
A requirement to have a written money laundering and terrorist financing risk assessment.
Implement systems policies and controls and procedures to address money laundering and terrorist financing risks and meet the requirements under the regulations.
Adopt appropriate internal controls
Provide staff training
Comply with new customer, enchanced and simplified due diligence requirements
What Levels of due diligence checks for money laundering, terrorist financing and transfer of funds regulations 2017?
- Customer due diligence such as identifying the client and verifying their identity based on a reliable independent source such as passport, drivers license or electronic identification
- Enhanced due diligence such as additional procedures required for any transaction or business relationship involving a person established in a high risk third country or a politically exposed person (PEP) or a PEP family member / business associate.
If asked about acceptance of cash, gifts or hospitality in your interview what should you consider?
Bribery act 2010
The RICS professional standard
My organisation procedure
Ethical decision tree
Proportionality
Timing
