The founders of online client due diligence platform Thirdfort say the government needs to go further to ensure that technology that can revolutionise identity, AML and source of funds (SoF) verification in the home moving process.
Olly Thornton-Berry and Jack Bidgood say the government “rightly identifies” the role technology can play, but that they would also like to see harmonised regulatory guidance and clear technology standards.
The founders shared the comments after submitting their response to the Ministry of Housing, Communities and Local Government’s (MHCLG) consultation on home buying and selling reform, which closed on 29 December 2025. Subject to the outcome of the consultation, MHCLG will publish a roadmap setting out how the government will transform home buying and selling over the course of this parliament.
The Thirdfort founders say they responded to the online consultation with the view that meaningful progress on data sharing cannot be achieved until the UK first agrees on a common, regulator-endorsed standard for ID, AML and SoF verification. Establishing such a foundation would allow the sector to move beyond unnecessary duplication and unlock the efficiency gains that digitisation promises, they explained.
Such a policy would also deliver several significant benefits, they added, including reducing delays, frustration and costs for consumers, and preventing fraud and enhancing regulatory clarity by bringing together a fragmented regulatory landscape.
Thirdfort co-founder and chief product officer Jack Bidgood said:
“In its home buying and selling consultation, the government rightly identified the role that technology can play in tackling fraud and money laundering. However, beyond recognising the role of technology, we think the government can do more to ensure the take-up of the latest market-leading tools.
“We would like to see the government and regulators harmonise regulatory guidance and set clear technology standards to foster greater tech-enabled ID, AML, and source of funds verification and enhance shareability.
“The latest technology that combines Know Your Client, AML and SoF verification can help reduce the risk of economic crime. What’s more, these tools help businesses and professionals meet their regulatory requirements while reducing the risk of fraud and the related compliance burden. It is a ‘win-win’ for all involved.”
Money laundering is estimated to cost the UK economy more than £100 billion annually. Meanwhile, HM Treasury’s 2025 National Risk Assessment (NRA) of Money Laundering and Terrorist Financing identifies the property sector as having significant money laundering risks.
Thornton-Berry and Bidgood founded Thirdfort in 2017 after a friend lost £25,000 to fraud while buying a flat, despite undergoing anti-fraud checks with multiple professionals.
