Electronic conveyancing is a fast, accurate, and secure way to complete settlements, lodgments, and lodgment stages of a conveyancing transaction. However, it also provides criminals with new ways of perpetrating crime, such as identity fraud.
To reduce the chance of fraud being perpetrated, ARNECC (Australian Registrars National Electronic Conveyancing Council) sets rules and ensures that participants, known as “Subscribers”, comply.
The SettleIT team conducts due diligence to reduce the risk of identity fraud, the registration of fraudulent land transactions and to ensure that we are compliant with the ARNECC rules.
Steps to the due diligence process
Verification of identity
SettleIT will thoroughly review identity documents provided by your client and ensure that the identification has been conducted using the standard verification identity procedure or the application of reasonable steps. SettleIT use remote verification of identity (VOI) services offered by InfoTrackID, an easy-to-use, online identity verification platform that compares the client’s Australian identity documents against official government records to verify the authenticity of the documents provided. The purpose of this is to ensure that the client is who they purport to be, and that the correct person is dealing with the land.
Client Authorisation
Our team then reviews and ensures the details contained in the Client Authorisation Form (CAF) are correctly completed. We take reasonable steps to verify the authority of each person completing the CAF on behalf of a client to bind the client to the Client Authorisation. The purpose of this is to ensure SettleIT has the authority to sign the Registry Instrument and/or other documents on the client’s behalf.
Supporting Evidence
The SettleIT team also review supporting evidence that is required to be compliant with relevant legislation and other prescribed requirements of the registrar in each jurisdiction. Prescribed requirements include, but are not limited to, notices from the Land Registry, practice manual and guidelines from other legislative bodies.
Due diligence is an essential measure to prevent fraud, and failing to practise it can be detrimental to all parties involved in the property transaction. To safeguard your property transactions against fraud and ensure compliance with ARNECC regulations, trust SettleIT’s rigorous due diligence process. With our meticulous verification of identity, thorough review of client authorisations, and scrutiny of supporting evidence, we provide a secure environment for your conveyancing needs.
