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Client Identity Verification (CIV) Standard and Application
Procedures
National E-Conveyancing Development Ltd
(NECDL) has this week commissioned KPMG to determine a single Client
Identity Verification (CIV) Standard and Application Procedures for
property transactions in all jurisdictions. The work will require
extensive stakeholder consultation over the next few months and is
expected to culminate in an agreement among all key stakeholder groups
to apply the same standard and procedures in all property transactions
nationally.
The team undertaking the work is based in
KPMG’s Melbourne office at 147 Collins Street. The team contact is
Jacques van Niekerk. Jacques can be contacted on jvniekerk@kpmg.com.au
or (0401)091-277.
The work is an important preparation for
national electronic conveyancing. With the changes necessary for
electronic settlement and lodgment, the proliferation of different
identity verification standards in recent years and the increasing
community concern about identity theft and fraud, there is an
opportunity and a need to settle upon one common standard and set of
procedures that minimises industry and community costs without unduly
increasing risks. However, this will by no means be an easy task and
the goodwill of all stakeholders will be necessary in working with KPMG
to achieve the required result.
A copy of the brief for the work is
available here.
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