With new regulatory red tape hitting letting agents in the coming weeks, Goodlord has announced the launch of two key upgrades to its award-winning PRO Referencing service.
These 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 14 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). In response, Goodlord is introducing automated sanctions checks as part of its PRO Referencing service. This will 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. The new rules will apply to all tenants. Failure to comply could result in significant fines.
The letting technology provider’s upgraded offering will seek to remove this burden from agents, ensure regulatory compliance and reduce their exposure to risk by including automated sanctions checks into its wider PRO Referencing process. 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.
Alongside this sanctions feature, Goodlord has also released ID Upgrade, 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, commented: “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.”
