New verification of identity requirements for conveyancing

Beginning November 9 2015, new verification of identification (VOI) requirements were introduced in Victoria. Under the new legislation, practitioners must verify the identity of each client in a conveyancing transaction. These requirements are designed to protect all parties  against fraud.

What you need to know:

  • It is a separate requirement for legal practitioners and financial institutions to verify the identity of each client they are representing, so your bank may also require you to complete this process.
  • A face to face verification of identity must be conducted.
  • A third party agency may be appointed to verify the identity of individuals. We currently use ZipID as our third party agent.
  • A client will need to provide current original documentary proof of identification (such as an Australian passport, driver licence and marriage certificate or change of name certificate, if applicable).
  • Each individual must be separately identified.
  • A fee may be charged by the party undertaking the verification. The fee is currently $39.00 per individual.
  • Where a company is a party to a transaction, the identity of the individual/s signing on behalf of the company must be verified.
  • Clients who wish to have a Certificate of Title released from safe custody will also need to have their identity verified.
  • The verification is valid for 2 years and may be reused for multiple transactions.

If you are concerned about how these changes may affect you, or if you need advice about conveyancing, contact Tucker Partners for assistance.

For more information contact our team on 03 9691 595903 9691 5959.

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