Impacts of Government legislation on customer identity verification & AML checks in residential property sector

13/07/2023 | Online Zoom Conferencing

In 2021 the UK Government published an ‘alpha’ prototype of the UK Digital Identity and Attributes Trust Framework which are a set of rules and standards designed to establish trust in digital identity products in the UK.

This updated ‘beta version’ of the trust framework sets out the government’s vision for the rules governing the future use of digital identities. It supersedes the updated alpha version of the digital identity and attributes trust framework which was published in August 2021. The residential property sector has come together to agree a set of standards, conventions & regulations for customer IDV & AML.  The MyIdentity Trust Scheme has been designed specifically for the residential property sector to build a trust environment for digital identity, which sits aligned to the DSIT Trust Framework.

Learning Objectives

At the end of this session, delegates will be able to:

  • Describe what the DSIT planned legislation is.
  • Explain what is going on in the marketplace & how industry is responding around standards.
  • Outline the potential impacts on your own business.
  • Describe how to make more informed decisions of how to respond, if directly impacted.

About the Presenters

Stuart Young

Stuart Young is MD of Etive and has been involved in developing identity trust schemes since 2013. In 2013 Etive worked with the Government Digital Service and local authorities on an assured digital identity scheme through the GOV.UK/verify scheme.

In 2019 Etive started developing a digital identity trust scheme for the home buying and selling sector, known as MyIdentity. MyIdentity is aligned with the DSIT’s (Dept Science, Innovation & Technology) Digital Identity & Attributes Trust Framework and is the recognised industry standards for carrying our customer identity verification and anti-money laundering checks. The MyIdentity standard is delivered via an ‘Overlay Scheme’. This includes the requirements laid down in the Government’s Trust Framework, including the requirements for governance and the certification of the various parties involved in creating the identity. This places the scheme and standard within the Government-backed identity framework, which provides confidence to relying parties and service providers.