Three years after the launch of HM Land Registry’s Digital ID Standard, the framework has set a ‘gold standard’ in its approach to tech adoption within homebuying, according to client compliance platform Thirdfort.
The standard, unveiled on 12 March 2021, provides a step-by-step list of requirements for conveyancers’ use of digital services to verify their client’s identity securely and conveniently online, in line with fraud and anti-money laundering obligations.
The standard offers a ‘Safe Harbour’ for those conveyancers who meet requirements. HM Land Registry will not seek recourse against conveyancers who comply with the standard in the event that their client was not who they claimed to be. The move has benefitted consumers and conveyancers, enabling homebuyers to prove their identity quickly and securely with their mobile phone while conveyancers get reassurance.
Despite its success in encouraging digital ID verification among conveyancers, the standard remains an outlier that could be mirrored by other regulators, according to Thirdfort.
Sam Ruback, General Counsel at Thirdfort: “Three years on, the HM Land Registry scheme is the gold standard for digital ID verification. It has provided clarity for conveyancing firms, while helping drive greater digital adoption and helping protect against fraud.
“Yet, in other segments of the market, there remains uncertainty about what is best practice when it comes to digital tools. Despite broader developments, including the Government’s UK Digital Identity & Attributes Trust Framework (DIATF), which has introduced a set of rules designed to establish trust in digital identity products, we haven’t seen HM Land Registry’s targeted Safe Harbour approach mirrored by other regulators and government bodies.
“There is a significant opportunity for all regulators responsible for fraud and economic crime supervision to take a similar approach. Doing so would foster a more uniform approach to the adoption of digital tools that help protect society from fraud and money laundering while helping professionals meet regulatory requirements.”
This article was submitted to be published by Thirdfort as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
