A ‘digital wallet’ that aims to reduce repeated compliance and ID checks for property buyers has been launched by digital ID company Credas. The Credas Compliance Wallet has been designed for use across regulated industries, but is being initially rolled out across the property sector to tackle the ‘persistent challenge’ of compliance duplication.
Each wallet includes a verified identity and a complete compliance profile, including PEP and sanctions screening, AML checks, digital address verification and ongoing monitoring. For consumers, duplication will be reduced as information shared with estate agents will be stored securely in the Credas app. For property professionals, including conveyancers, the information will be available to access without the need for separate requests. The wallet will be available on an open access network, meaning non-Credas customers can access the information.
‘On average, each property transaction involves 5.4 identity checks, while over 250,000 ID fraud cases were reported in 2024 alone’, said Nick Ledingham, chief commercial officer at Credas.
“The Credas Compliance Wallet addresses this head-on by creating a shareable, interoperable solution that provides a one-time fraud audit trail of verification. With 15 million wallets available at launch and compatibility with Apple, Google and Government ID wallets, we are building an industry-wide solution that works with – not against – existing systems.”
Credas CEO Tim Barnett added:
“We are launching on day one with 15 million wallets in circulation, marking the start of a very busy few months ahead. Compliance tech is changing, and that change is being driven by a small but hugely talented team based in Cardiff – a team I am very proud of.”
Credas says it is currently involved in around 60% of property checks, and hopes the compliance wallet will play ‘a transformative role in setting a new standard of security, trust and collaboration’ in the property industry.
The wallet was launched at a central London event which included panel discussions with senior property industry figures, including Catherine Perry, legal and compliance at Yopa, and Catherine Chappell, group head of commercial crime prevention at Connells.
One Response
Can Credas clarify how the system works around ‘reliance’, for example, is it the consumer that sets up the wallet or their estate agent, and if the latter then ‘reliance’ is likely to apply, as I presume it will collect the data for the wallet, which would be covered by Reg 39, where it says “ANY of the customer due diligence”?
MLR 39.—(1) A relevant person may rely on a person who falls within paragraph (3) (“the third party”) to apply any of the customer due diligence measures required by regulation 28(2) to (6) and (10) but, notwithstanding the relevant person’s reliance on the third party, the relevant person remains liable for any failure to apply such measures.
The CDD required by an estate agent may be different to that of a law firm, so will firms need to check what is in the wallet to ensure it meets the firm’s CDD needs, or is the wallet supposed to alleviate the firm from asking the consumer for any further CDD information?