Verification of Identity (VOI)
Verification of identity mandatory from 1 May 2016?
The rule takes effect from 1 May 2016 but the Registrar General is allowing a transition period of 3 months with full compliance required on and from 1 August 2016.
What is VOI?
Verification of identity is a process carried out to ensure that a person is who they claim to be.
As electronic conveyancing becomes more as a vehicle to settle properties we need to take reasonable steps to verify the identity of:
- Clients;
- Mortgagors;
- Persons to whom certificates of title are provided: and
- Signers
The VOI legislation applies to companies and people who are buying, selling and transferring property within NSW and currently as well in WA, SA and VIC. This legislation places responsibilities on conveyancers, lawyers and mortgagees to verify their clients’ identity.
When is Verification of Identity Required?
We must identify each client for which it has authority to sign. Where the client:
- is an individual, the identity of that individual must be verified; or
- is a company, the existence of the company must be confirmed and the identity of the person or persons signing for the company or witnessing the company seal must be verified; or
- has appointed an individual as an attorney to sign for the client, the identity of the attorney must be verified; or
- has appointed a company as an attorney to sign for the client, the existence of the company must be confirmed and the identity of the person or persons signing for the company or witnessing the company seal must be verified.
- we must verify the identity of any client or client agent before giving them a duplicate or paper certificate of title
- we must verify the identity of each person who is to digitally sign documents on its behalf prior to a Digital Certificate being allocated to that person. (e-conveyancing)