The Royal Institution of Chartered Surveyors (RICS) has launched a consultation on incorporating cryptocurrency and AI into a second edition of its financial crime standard.
The standard, Countering Financial Crime: Bribery, Corruption, Money Laundering, Terrorist Financing and Sanctions Violation was first released as a professional statement in February 2019, and subsequently upgraded to the status of a Mandatory Standard in July 2023.
However, since then, as RICS explains, the rise of technologies such as AI, and the increasing use of cryptocurrency has seen shifts in the landscape of financial crimes. With the risks evolving it has reviewed and updated the standard since its initial release.
The updated standard aims to enhance the ability of RICS members and regulated firms to navigate and mitigate emerging financial crime threats, as well as strengthen compliance and uphold transparency, fairness and accountability in the built and natural environment.
“The rise in the use of cryptocurrency payments and AI in all sorts of work in the built environment compels RICS to update this important standard,” the organisation said. “RICS calls on its members across the globe and welcomes professionals from outside the institution to contribute to this important consultation.”
The consultation opened yesterday and closes on 25 April. The second edition of the standard is due for publication by September 2025.
Image credit: Campaign Creators/Unsplash
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