Digital ID could ‘transform property market’

An anti-money laundering (AML) expert has highlighted an overlooked part of this week’s King’s Speech that could boost the property market.

While much of the property market focus was on leasehold, planning and rental reform, the government has also put forward a Digital Information and Smart Data Bill.

This would help create Digital Verification Services, “which make people’s everyday lives easier through innovative and secure technology.”

The idea behind the Bill is to support the creation and adoption of secure and trusted digital identity products and services from certified providers to help with things like moving house, pre-employment checks, and buying age restricted goods and services.

Olly Thornton-Berry, co-founder and managing director at client due diligence platform Thirdfort, said: “Digital ID has the potential to transform the way we buy property in the UK. For many conveyancers, estate agents and lenders, client verification is the same today as it has been for decades, leaving regulated professionals and buyers at risk of fraud and money laundering.

“However, technology is moving fast and digital ID heralds a huge opportunity for the housing market. Artificial intelligence, biometric and cryptographic verification and open banking now enable homebuyers to verify their ID and funds simply and securely. We should use all the tools we have at our disposal to help protect society from fraud and money laundering and modernise the home buying process.”