Data reforms announced in the Queen’s Speech earlier this month could speed-up property sales, an anti-money laundering (AML) expert claims.
While property professionals focused on the planning and renting reform changes in the Queen’s Speech, Tim Barnett, chief executive of AML platform Credas said the Data Reform Bill could have a major impact on the sector.
The Bill could bring the introduction of the long-awaited Digital Identity Trust Framework (DITF), where people can verify who they are in one place online.
Barnett said: “The Queen’s Speech set out plans to better regulate data to ensure that it is more secure and that access becomes standardised but safe especially between authorities that hold sensitive data such as the Passport office, the DVLA etc, and the private sector and their users.
“The property industry is set to benefit hugely from this with the DITF.
“AML checks are a fact of life in your business.
“Legislation dictates that all properties listed must involve an AML check on all of the owners and, now, on the buyers too. Right to rent checks and so on are part of your day.
“Digitising these, as we have at Credas, is a more efficient, faster and cheaper way to carry out these checks and the process ensures no errors or omissions which would otherwise lead to chastisement from the authorities."
He said the proposed legislation will join the dots together on ID verification whereby agents will carry out the required checks and those entities further down the sale that also need to perform these checks will in effect use the same record - one check only.
Barnett said this means lawyers, mortgage brokers and lenders will save time as that one check will suffice and there is a likelihood of less fraud too.
He added: “The time saved will be sure to speed up the overall transaction time and put money in agents’ pockets faster.
“And of course, faster sales mean less chance of fall-throughs.”