Big changes are coming for letting agents in 2025. From May 14, the UK lettings industry will need to conduct millions of additional checks as new rules for monitoring and reporting financial sanction breaches come into effect.
With an estimated 2.9 million homes impacted, these changes could significantly disrupt the private rental market. But there’s good news: Credas is stepping in to help with our new Lettings solution.
Why Do Letting Agents Need to Prepare?
The upcoming guidance from the Office of Financial Sanctions Implementation (OFSI) will see letting agents become “designated firms” emphasising their need to screen all tenants and landlords for potential sanction breaches. For many agents, this means adapting processes and taking on the challenge of millions of extra checks each year.
How Credas Lettings Makes Compliance Easier
Credas Lettings is designed with the unique challenges of letting agents in mind. Here’s how it helps streamline compliance:
- Effortless Tenant and Landlord Checks: From standard sanctions-only solutions to enhanced checks including ID verification, bank account verification, and property ownership validation, Credas Lettings makes it easy for agents to meet new compliance requirements.
- Bulk Upload Feature: Agents can upload their existing tenant and landlord lists to the system, eliminating the need for direct contact and saving valuable time.
- Dedicated Lettings Portal: The solution offers a dedicated portal with separate branding and data segregation, ensuring an intuitive, easy-to-navigate experience. This means less time spent on training and fewer errors.
- Quickly Handle False Positives: One challenge with sanctions checks is dealing with false positives. Credas Lettings simplifies this with tools that make it faster and easier to review and resolve these cases.
More Than Just Sanctions Checks
Credas Lettings also provides a comprehensive suite of services to ensure full compliance and streamline processes:
- Right-to-Rent Verification: Easily verify a tenant’s right to rent and sanction status in one go.
- KYB Checks and Anti-Money Laundering (AML): Conduct Know Your Business (KYB) checks and AML assessments when required.
- Land Registry Integration: Confirm proof of ownership and title registration directly through the portal, reducing the risk of fraud.
Why Choose Credas Lettings?
Tim Barnett, CEO at Credas, says it best: “With the private rental sector now representing 19% of all households in the UK, this new OFSI guidance represents a major shift for the industry. We have created our lettings offering to focus solely on the sanctions capabilities letting agents need, removing the burden on agents.”
Not only does Credas Lettings save time and simplify processes, but it also gives agents peace of mind. It helps ensure that tenants are not impersonating landlords, reducing the risk of fraudulent property rentals.
Get Ready for the 2025 Changes
Preparing for the new sanction rules doesn’t have to be daunting. With Credas Lettings, letting agents can stay ahead of the changes, simplify compliance, and focus on what matters most – providing excellent service to their clients.
Want to learn more? Contact us today to see how Credas Lettings can support your business.
