- RICS is updating its financial crime standard to address cryptocurrency and AI-related risks in the built environment sector.
- The consultation period runs from February 25 to April 25, with the final standard expected by September 2025.
- The standard was elevated from a professional statement to Mandatory Status in July 2023.
- The update reflects growing concerns about emerging technologies in financial crime.
- Industry professionals, including non-RICS members, are invited to participate in the consultation process.
The Royal Institution of Chartered Surveyors (RICS) is modernizing its financial crime framework to tackle emerging threats from cryptocurrency and Artificial Intelligence, marking a significant shift in how the construction and property sectors address digital financial risks.
This update to their standard, titled “Countering Financial Crime: Bribery, Corruption, Money Laundering, Terrorist Financing and Sanctions Violation”, comes at a crucial time when digital assets and automated systems are increasingly infiltrating traditional real estate transactions. The comprehensive consultation seeks to establish robust guidelines for industry professionals.
The standard’s evolution from a professional statement in 2019 to achieving Mandatory Status in 2023 reflects the growing sophistication of financial crimes in the built environment sector. Cryptocurrency, a decentralized digital currency using blockchain technology, has emerged as both an opportunity and a challenge for property transactions, requiring special attention in anti-money laundering protocols.
RICS is particularly focused on strengthening compliance mechanisms for its members and regulated firms, acknowledging that AI-powered tools could be exploited for financial crimes. The consultation period, spanning February 25 to April 25, invites input from both members and external professionals, recognizing the need for diverse expertise in addressing these technological challenges.
The updated framework aims to create a more resilient financial crime prevention system, particularly important as the real estate sector increasingly encounters cryptocurrency payments and AI-driven transactions. The final standard, expected in September 2025, will provide comprehensive guidance for navigating these emerging financial technologies while maintaining transparency and accountability.
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