Announcements

Australia's Tranche 2 AML/CTF reforms have introduced new compliance responsibilities for many real estate businesses. As agencies review their internal processes, RE Software has introduced an optional Digital Identity Verification feature within both Auctions Live and Offers Live to help support buyer verification as part of the registration process.

This new capability is now available to Australian subscribers and can be enabled by an Office Administrator when required.

Supporting Modern Buyer Registration

Digital Identity Verification can now form part of the existing bidder registration workflow in Auctions Live and the buyer registration process within Offers Live.

Where enabled, buyers complete a secure online identity verification before participating in a transaction, allowing agencies to incorporate identity verification into their own customer due diligence procedures where appropriate.

The feature has been designed to complement an agency's own AML/CTF Program and internal policies. Every organisation remains responsible for determining when identity verification should occur and how it forms part of their compliance processes.

"Technology should make compliance easier without adding unnecessary administration. By integrating Digital Identity Verification directly into the buyer registration process, agencies can introduce a consistent and secure workflow while maintaining flexibility around how and when verification is required."

Anthony Nounnis, Director of RE Software - Auctions Live | Offers Live

Designed to Work Across Both Platforms

Whether your agency sells through auction or private treaty campaigns, the same Digital Identity Verification service is available across both Auctions Live and Offers Live.

This provides a consistent experience for buyers while allowing agencies to adopt a single approach across different methods of sale.

Successful Digital Identity Verifications may also be reused across the RE Software ecosystem for up to three months, or until the government issued identity document expires, whichever occurs first. This helps reduce unnecessary repeat verifications for returning buyers.

No Cost to Your Agency

One of the key benefits of the service is that the verification fee is paid directly by the buyer.

There is no verification charge billed to your office when a buyer completes Digital Identity Verification.

Buyers simply pay the verification fee online during the secure verification process, after which the verification outcome is returned to your agency through the RE Software platform.

Currently Available for Australian Individuals

At this stage, Digital Identity Verification supports individuals buying property in Australia.

Support for companies, trusts, self managed superannuation funds and other entity types is not currently available and may be considered as the service continues to evolve.

Optional and Controlled by Your Office

Digital Identity Verification is not automatically enabled for all subscribers.

Each office has complete control over whether they wish to incorporate identity verification into their buyer registration process.

The feature can be enabled by your Office Administrator and configured to align with your agency's own operational requirements and compliance procedures.

Interested in Enabling the Feature?

If your agency is reviewing its buyer onboarding process or preparing for Australia's evolving AML/CTF obligations, now is a great time to discuss whether Digital Identity Verification is right for your business.

Your RE Software Account Representative can explain how the feature works, discuss your current workflows and assist your Office Administrator with enabling the functionality.

As with all compliance related processes, every agency should ensure its own AML/CTF Program, customer due diligence procedures and internal policies determine when and how identity verification is used.

Key Things to Know

• ●Available exclusively to Australian subscribers;
• ●Works within both Auctions Live and Offers Live;
• ●Optional feature that must be enabled by your Office Administrator;
• ●Buyer pays the verification fee directly online;
• ●Successful verifications can be reused across the RE Software ecosystem for up to three months, subject to eligibility;
• ●Designed to assist agencies as part of their own customer due diligence and AML/CTF compliance procedures.

To learn more or arrange activation, please contact your RE Software Account Representative.