ID verification for settlements

I was surprised when my Conveyancer sent me an email day before yesterday saying she noticed that our file is missing ID verifications. And these are needed done before settlement, that is today.

Apparently a new law been created that requires ID verifications of purchasing party. Not sure if it's also applicable to sellers too.
This is for our land in Truganina getting settled today.

And it can be done at AusPost or a service called ZipID by Veda.

Is this something you guys have heard of before?? If not, make sure you are prepared.

 

Yes, it's been in for around 12 months now, and we had to go through it too.

The AusPost way works fine if you have very, very standard documents, however if you have something slightly different (e.g. a foreign birth certificate), their system won't cope and you can't use them.

ZipID appears to handle everything without any issues, and they'll even come to you (so if you've got a spare few minutes in your lunch break, it's a great option).

Good luck.

 

Yeah we got it done via ZipID yesterday, had to rush around to make that happen before settlement.

But if it's been there for 12months or so, that's strange because we didn't need it for our purchase in NSW November last year. That's why i was a bit surprised.

 

Yes it is relatively new. I think since late last year.

 

We did the ZipID, pretty easy

 

Maybe banks based in different states implemented this at different times? I'm pretty sure that the paperwork we did in March/April last year required it for a property in Victoria.

 

Yes it is all state based legislation for mortgage witnessing but i think it is the anti money laundering legislation which is commonwealth that is behind this.

Perhaps the banks have been phasing it in before it becomes compulsory also.

 

OLMCGs were using property transfers as currency for major crime transactions. Crime Commission recommended this change. and was supported by intelligence and crime orgs across Australia also as an anti terrorism measure assoc with ISIL fund raising and currency movements masked as property related

 

Yes, it's been required in Victoria for about 18 months.

My firm uses Australia Post, very smooth process.

 

Maybe thats the case then. In NSW I didn't need it in Nov last year, not sure if it is there now.

 

ID checks have been a requirement in SA for quite some time now too