A Cardiff tech firm has launched a suite of products designed to support letting agents manage upcoming sanctions changes.
Credas Lettings, from Credas Technologies, will support letting agents in conducting both tenant and landlord checks to ensure compliance by streamlining identity verification and sanctions screening processes.
Landlord checks will range from a standard sanctions-only solution to a more enhanced product that includes ID verification, sanctions-only checks, bank account verification, and checks to ensure the landlord owns the property they are renting.
The firm said Credas Lettings will also empower agents to easily verify a tenants right-to-rent and sanction status without needing to run any additional checks.
New guidance comes into play on in May which will affect the estimated 2.9 million homes rented through letting agents. Letting agents will have to screen all tenants and landlords for potential sanction breaches, resulting in millions of additional checks a year.
Tim Barnett, CEO at Credas, said:
“With the private rental sector now representing 19% of all households in the UK, this new guidance represents a major shift for the industry. Agents must now oversee financial transactions and carefully assess individuals and businesses with more scrutiny. We have created our lettings offering to focus solely on the sanctions capabilities letting agents need, removing the burden on agents.”
