With regulatory red tape hitting letting agents in the coming weeks, lettings technology provider Goodlord has launched of two upgrades to its PRO Referencing service.
The new features include ID Upgrade, which has been designed to streamline Rent to Right checks and minimise fraud, as well as Automated Sanctions Checks, which are being brought in to ensure agent and landlord compliance ahead of imminent changes to sanction rules.
From 14th May 2025, letting agents will be required to check whether prospective tenants appear on the UK’s national financial sanctions list, as well as report any matches or potential concerns to the Office of Financial Sanctions Implementation (OFSI).
Automated Sanctions Checks was launched to eliminate the need for manual checks for agents and their landlords as they comply with stringent new requirements that are now less than three months away.
Previously, such a check was only required where monthly rents exceeded €10,000, but the new rules will apply to all tenants, and failure to comply could result in significant fines.
Goodlord’s system will cross-check tenant details via a direct link to the government data feed – providing a rapid and accurate result for agents.
The tool will also support any OFSI reporting requirements.
ID Upgrade is an additional compliance feature designed to streamline Right to Rent checks and combat identity fraud.
Also part of the PRO Referencing service, ID Upgrade ensures agents and their landlords can benefit from UK Government-accredited Right to Rent checks and offer International ID Checks with biometric facial recognition, providing an additional layer of assurance.
Nishma Parekh, director of referencing at Goodlord, 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.
“At Goodlord, we’re committed to making compliance as seamless as possible.
“By integrating automated sanctions checks and ID Upgrade into our award-winning PRO Referencing process, we’re giving agents the tools they need to stay ahead of these regulatory changes whilst reducing risk for themselves and their landlords, ensuring compliance, and removing an additional operational step.”
