Goodlord unveils essential referencing enhancements for landlords

Goodlord has rolled out two big updates to its PRO Referencing service to meet strict new rules which come into force from May.

The tech firm says the enhancements, dubbed ID Upgrade and Automated Sanctions Checks, aim to bolster compliance and simplify processes as new rules approach.

From 14 May, letting agents must verify if potential tenants are listed on the national financial sanctions register.

If they do, the agent must notify the Office of Financial Sanctions Implementation (OFSI).

Previously, such scrutiny applied only to tenancies with monthly rents above €10,000, but the upcoming mandate extends to all renters.

Non-compliance could lead to hefty penalties.

A major regulatory shift

The firm’s director of referencing, Nishma Parekh, said: “The lettings industry is undergoing a major regulatory shift in the form of the Renters’ Right Bill.

“And these new financial sanctions regulations add further complexity to the lettings industry.

“We’re committed to making compliance as seamless as possible.”

PRO Referencing framework

Goodlord’s Automated Sanctions Checks, now embedded within its PRO Referencing framework, eradicate the need for time-consuming manual reviews.

By linking directly to the government’s data feed, this feature delivers swift, precise outcomes, ensuring agents and landlords meet the tightened sanctions obligations seamlessly.

It also facilitates any necessary OFSI reporting, easing administrative pressures.

Alongside this offering is the ID Upgrade which boosts Right to Rent assessments and tackles identity fraud head-on.

Integrated into the same PRO Referencing suite, it leverages UK government-accredited checks and introduces biometric facial recognition for international ID verification.

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