To reduce the risk of property fraud in the context of an increasingly digitalised legal environment, new laws come into effect in NSW regarding identification of the people involved in a property transaction, or who seek our representation or assistance in relation to anything which is property-related. As this will effect a lot of Atkinson Vinden clients from now on, we thought it might be helpful to explain what is involved.
In the past, if we were to act for someone in a property transaction, and we had not known them for a sufficient period of time to be certain of their identity, we required them to produce their driver’s licence. The new system requires us to see their original driver’s licence and their passport, or several other forms of ID, such as what a bank might typically require to open a new account for someone. There is a requirement that copies of these identifying records be kept securely by us for 7 years.
The best way for us to manage the security of a client’s identifying records is for those records to be encrypted. Atkinson Vinden has set up arrangements with Australia Post and a private supplier IDfy to encrypt these records for our clients. Our staff can explain the process to you when you next seek our help with a property matter. Please understand that these arrangements are legally required, and that they are for your protection.