CPD

Question 1

What KYC checks do you carry out?

Answer 1

As part of my firm’s internal compliance and in line with anti-money laundering (AML) regulations I carry out KYC checks prior to accepting any instruction.
Client Identity Verification
– For individuals: verifying name, address, and identification (e.g. passport, national ID).
– For companies: obtaining corporate documents such as trade licence and authorised signatories.
Ownership Structure
– Identifying the beneficial owners, particularly to assess who ultimately controls the entity.
-Identifying the source of income of the individual/entity.
Sanctions and PEP Screening
– Checking the client and connected parties against international sanctions lists and politically exposed persons (PEP) through public records.
Purpose of the Valuation
– Understanding the reason behind the instruction and whether the property or client poses any compliance risks.
Ongoing Monitoring
– For longer-term relationships, periodic updates may be required to ensure continued compliance.
I perform these checks alogn with a compliance team. I require confirmation before we proceed with Terms of Engagement. I understand that if any red flags are raised, the matter must be escalated and documented within our firm’s AML file system.

Question 2

If there is a red flag, say the client is PEPs - what would you do?

Answer 2

If a client is identified as a PEP following risk-based due diligence, this triggers Enhanced Due Diligence (EDD) procedures in line with RICS guidance and AML legislation. I would immediately escalate the matter to the compliance officer within the firm. Once the status is confirmed, and unless there is clear and robust justification to continue, I would not proceed with the instruction. Engaging with high-risk clients like PEPs may expose both myself and the firm to regulatory and reputational risk.
All decisions are fully documented and retained in accordance with our compliance procedures and RICS professional standards.

Question 3

What do Grade A, Grade B and Cat A, Cat B mean?

Answer 3

Grade A refers to the quality and location of the office building itself.
Key features of Grade A buildings:
Prime location (CBD or prestigious business district)
Modern construction or recently refurbished to a high standard
High-quality finishes and specification
Good natural light and high ceilings
Strong sustainability credentials (LEED/BREEAM certifications, etc.)
Professional building management and facilities (e.g. concierge, lifts, parking, security)
Grade A is market-relative: what’s considered Grade A in one city may not be Grade A in another.

Grade B refers to second-tier office buildings that are generally older or less modernised than Grade A stock but still serviceable and often more affordable. These buildings may appeal to budget-conscious tenants or businesses with less need for premium facilities.

Grade C
Tertiary stock. Often old, poor specification, may not meet occupier expectations. Typically let at lower rents or may be considered for redevelopment/conversion.

Cat A refers to the fit-out standard of the internal space when delivered to the tenant.
Typical Cat A specification includes:
Suspended ceilings with lighting
Raised floors for cabling
Basic MEP (mechanical, electrical, plumbing) installations
Finished walls and flooring in common areas
Usually delivered as an open plan, unfurnished space
Cat A space is essentially a blank canvas ready for tenants to do their Cat B fit-out (which includes partitions, meeting rooms, furniture, branding, etc.).

Category B (Cat B) fit-out refers to the tenant’s customisation of internal office space to suit their specific operational and branding needs. It comes after a landlord delivers the space in Cat A condition.

Question 4

What is social engineering?

Answer 4

Social engineering is a manipulation technique that exploits human psychology to gain access to information, systems, or physical locations. Rather than hacking software or hardware, social engineers “hack” people — tricking them into breaking normal security procedures.

Question 5

What key issues are facing the property market in UAE currently?

Answer 5

Increased rents diminishes affordability
High finance costs
New payment options using digital assets are growing, though they carry volatility and regulatory risk