Lettings tech firm Goodlord has launched two upgrades — covering identity fraud and financial sanctions checks for renters — ahead of tighter rules for landlords spearheaded by the Renters’ Rights Bill.
The company has rolled out automated sanctions checks as part of its PRO Referencing software.
The move comes as letting agents, from 14 May, will be required to check whether prospective tenants appear on the UK’s national financial sanctions list, and report any matches, or concerns, to the Office of Financial Sanctions Implementation.
Previously, these checks were only required where monthly rents topped €10,000 (£8,275). The new rules will apply to all tenants.
The firm has also released ID Upgrade, additional compliance software designed to streamline Right to Rent and identity fraud checks, which offers a facial recognition feature.
The upgrades come ahead of the Renters’ Rights Bill, currently at the committee stage in the House of Lords, which the government promises will change the landscape between landlords and tenants.
The legislation, introduced within the first 100 days of the new Labour government, proposes banning Section 21 no-fault evictions, limiting rent increases to once a year and applying the Decent Homes Standard to the private rented sector for the first time.
Goodlord director of referencing Nishma Parekh says: “The lettings industry is undergoing a major regulatory shift in the form of the Renters’ Right Bill. And these new financial sanctions regulations add further complexity to the lettings industry.”
Parekh adds: “We’re giving agents the tools they need to stay ahead of these regulatory changes whilst reducing risk for themselves and their landlords, ensuring compliance, and removing an additional operational step.”
