Lettings Tech Goodlord has launched two upgrades covering identity fraud and financial sanctions checks for renters – ahead of stricter rules led by landlords led by the Renters’ Rights Act.
The company has made automatic sanctions checks as part of its Pro cited software.
The move comes as from May 14, agents will be required to check whether potential tenants appear on the UK National Financial Sanctions List and report any competition or concerns to the Financial Sanctions Implementation Office.
Previously, these checks were only required if the monthly rent was over €10,000 (£8,275). The new rules will apply to all tenants.
The company also released ID upgrades, which aim to simplify rent rights and identity fraud checks, which provides facial recognition capabilities.
The upgrade is ahead of the tenant’s bill of rights, and is currently in the committee stage of the House of Lords, where the government promises to change the landscape between landlords and tenants.
The legislation, introduced within the first 100 days of the New Labour government, recommends prohibiting Article 21, free-fault evictions, increasing rents to once a year, and applying decent housing standards to private rental sectors for the first time.
“The leasing industry is undergoing a significant regulatory shift in the form of the right bill for renters. These new financial sanctions regulations bring further complexity to the leasing industry,” Goodlord quoted Nishma Parekh’s director.
Parekh added: “We provide agents with the tools they need to stay ahead of these regulatory changes while reducing risks to themselves and landlords, ensuring compliance and removing additional operational steps.”
