Government backs property industry AML digital identity project with grant

first_imgA proptech firm seeking to eliminate the need for multiple-entry identity checking in property sales transactions has secured a government grant to fund its AML project.Edinburgh-based Etive Technologies’ project will enable home movers to use a single digital identity key when buying or selling a property.This will be used by all the parties in the process including estate agents, conveyancers, mortgage intermediaries and mortgage lenders.This, the government hopes, will help remove many of the barriers to AML compliance in the property market.Some agents shy away from asking probing identity questions of potential clients fearing it may put them off buying or instructing a property.Government cashThe government funding comes via an Innovate UK grant, an organisation that offers between £25,000 and £2 million to projects depending on a their scope.Etive’s is supported by many of the UK’s key trade bodies including Propertymark, the Law Society, CLC, SRA, CILEx Regulation, Guild of Property Professionals, RICS and National Trading Standards.“Technology is transforming the way we live, work and access services, and our work in government to boost the use of digital identity will enable smoother, cheaper and more secure online transactions when buying or selling a home,” says Digital Infrastructure Minister Matt Warman (pictured, main pic)“I look forward to seeing this project help not only house hunters but also those in the legal, business and public sectors.”“Developing a trust framework for digital identity in conveyancing holds out the promise of faster and more secure transactions and is good for clients, conveyancers and the property market as a whole.”Iain McKenzie (pictured), CEO of The Guild of Property Professionals, says: “Digital communication and cohesion is long overdue between the stakeholders involved in the moving process.“Finding ways to reduce the time it takes for a property transaction to take place will be highly beneficial to both the industry and of course our customers who are eager to move into their new property as quickly as possible.”Read more about AML compliance.Innovate UK grant Etive AML anti money laundering January 15, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Government backs property industry AML digital identity project with grant previous nextProptechGovernment backs property industry AML digital identity project with grantMinister involved says Etive’s project will enable smoother, cheaper and more secure home sales.Nigel Lewis15th January 202101,475 Viewslast_img read more