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LIV concerned about ARNECC's proposed verification of identity amendments

LIV concerned about ARNECC's proposed verification of identity amendments

By Property and Environmental Law Section

Conveyancing 

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The LIV has raised concerns that proposed amendments by ARNECC to the current Model Operating Requirements and Model Participation Rules will significantly increase the costs of conveyancing services.

The proposed Amendment Clause will abolish the discretion of a subscriber to use ‘reasonable steps’ as an alternative to the Verification of Identity Standard (VOI Standard).

The LIV submits that the amendment will cause substantial practical difficulties in identifying clients and is likely to increase costs for consumers.

The initial introduction of the ‘reasonable steps’ discretion is viewed by some LIV members as one of the essential pillars of the profession’s support for an electronic conveyancing network when the model was formulated for the introduction of electronic transactions in Victoria in October 2018.

Read the submission here.

Contact

Property and Environmental Law Section
PELS@liv.asn.au
(03) 9607 9314


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