The Royal Institution of Chartered Surveyors (RICS) has urged its members to review their anti-money laundering policies following the Russian invasion of Ukraine.

In a statement, RICS tells surveyors to be ‘extremely careful’ about offering services or undertaking transactions with individuals who may have been sanctioned by the UK government.

It said: “Given the developing crisis, firms should review their anti-money laundering policies in light of the increased risks. In particular we would strongly suggest that firms and members adopt an extremely careful approach to due diligence checks.

“Members and firms must check the sanctions list for their jurisdiction before offering services or undertaking transactions for clients. Where concerns arise firms should follow any requirements in their jurisdiction for reporting suspicious activity.”

The UK government, in co-operation with the US and European Union, has announced its biggest ever package of sanctions following Russia’s invasion of Ukraine.

A number of companies and oligarchs have been hit with sanctions worth hundreds of billions of pounds, including asset freezes and travel bans, by the UK government.

“Complying with sanctions is both a legal and ethical obligation, and there can be serious consequences for failures to do so”, said the RICS statement.