The standard, titled Countering Financial Crime: Bribery, Corruption, Money Laundering, Terrorist Financing and Sanctions Violation was first released as a professional statement in February 2019 and upgraded to the status of a Mandatory Standard in July 2023. 

Since the standard’s initial release, RICS reviewed and updated it to address the evolving landscape of financial crimes driven by the rise of technologies such as artificial intelligence (AI) and the increasing use of cryptocurrency.​

The updated standard aims to enhance the ability of RICS members and regulated firms to navigate and mitigate emerging financial crime threats, strengthen compliance and uphold transparency, fairness and accountability in the built and natural environment.​

RICS said the rise in the use of cryptocurrency payments and AI in all sorts of work in the built environment compels it to update this important standard. The body called on its members across the globe and welcomes professionals from outside the institution to contribute to this important consultation.

The consultation runs from 25 February to 25 April and the Second Edition should be published by September 2025.