Verification of ID - can a mortgage broker complete this

[debislinger]

My colleague is a mortgage broker and as part of her accreditation she can verify identity documents. To comply with the Land Victoria 2015 rule that when purchasing land the purchasers need to have the identity verified, could a mortgage broker do that instead of going to a Solicitor, Conveyancor or Australia Post?

Keen to hear thoughts.

[Chris_ZipID · Accepted solution]

Hi @debislinger

Very good question - we get asked this all the time.

This short answer is no - each party is responsible for taking reasonable steps to verify the identity of their client face to face, so using the broker's ID check does not meet the VOI standard.

It’s useful to share these considerations to ensure you and your clients remain safe:

1. Respecting client privacy and data security is paramount to VOI best practice. Client consent is always needed before sharing personal identity details with third parties. 

2. ARNECC discourages sharing VOI Reports between organisations. A one-to-one relationship for use of VOI information is contemplated under the Model Participation Rules through:

• the safe harbour VOI Standard in Schedule 8,
• the firm’s name appearing on Client Authorisations (included in ZipID Reports where required); and
• if you're using an Agent (like ZipID) the specific Identity Agent Certification to be provided by the Identity Agent in schedule 9.

3. There is potential for professional conflict of interest and fraud risk exposure to arise if VOI Reports are shared between organisations when acting for the same client in different capacities.

4. Identity theft is rising sharply in Australia, up 80% year on year. (source: Veda 2016 Cybercrime and Fraud Report). Consistent adherence to the VOI Standard wherever practically possible is therefore crucial to sound risk management.

I hope you find that info helpful? Let me know if you have any follow up questions.

Cheers,

Chris from ZipID

[debislinger]

Thanks Chris for such a quick response and exactly what I needed. So how does someone become eligible for VOI? Is there a course or getting employed directly through someone like ZIP?

[Chris_ZipID]

You're welcome @debislinger

Any employee of your firm can complete the VOI - you just need to make sure you follow the document requirements and record keeping.

Or you can appoint an Agent like ZipID - we can provide you with a Mobile App that contains an easy, built-in workflow to capture the required ID documents and steps to make sure you follow the standard correctly every time. As an agent, we can also meet with your client on your behalf to complete the VOI if you can't meet in person (e.g. interstate clients etc). We also take care of all the storage and retrieval. 

Registering here if you'd like to get started with ZIpID.