Client identity verification

The goal

The MyIdentity scheme is developing a solution for the whole home buying and selling sector to speed up transactions, increase surety in the process and reduce fraud

It will enable agents' clients to get their identity verification done once, by a certified identity provider and then be able to share that verification with all other service providers through the sales process. 

The core of the home’s sales process centres on proof of identity and ownership and currently organisations will not trust identity verification carried out by another organisation. This causes increases in time to complete the transaction, with a poor consumer experience, and ample opportunity for identity and subsequent property and financial fraud.

The industry view is that the introduction of a standards-based digital identity assurance process, backed by regulators, should be adopted by the industry and this would lead to a significant reduction in risk, the time to complete a transaction, greater surety in the process, and better protect the industry as well as consumers.

Proof of identity in the property sector

Powering the digital shift in identity compliance, MyIdentity has been designed specifically for the residential property sector under the DCMS Digital Identity & Attributes Trust Framework, with plans to legislate.

Adopting the new planned digital identity processes will:    

• Meet new Economic Crime Act requirements
• Get client identity verification done once, by a certified provider
• Help towards speeding up the sales process
• Make sales more secure from fraud
• Ensure you comply with your AML obligations
• Help protect your customers
• Ensure your current IDV processes, and suppliers, meet UK Government standards
• Reduce pitfalls later on by doing the IDV at the point of instruction
• Get better instructions and consumers will like it due to less friction for them
• Greater protection for the industry and consumers

The relevant changes to legislation will take effect later in 2022 for the private rented sector and test work is being carried out for the sales and purchase of residential properties. 

Three ways to comply through MyIdentity:   

1. Use a certified digital identity provider meeting certification standard
2. Work with your conveyancer, who can do the client’s IDV and share with you
3. Enable the consumer to get their own IDV through MyIdentity and share with you

The scheme will ensure full compliance with your obligations and reduce the number of IDV checks your client must do, thus reducing consumer friction and increasing barriers to fraud.

MyIdentity has brought together the UK’s most trusted Identity providers, working to be certified based on trusted industry and UK Government standards. Visit myidentity.org.uk for a selection of leading providers.