The Implementation of Tasmania’s VOI Requirements

7 March 2024 will see the introduction of Verification of Identity (VOI) requirements in Tasmania. This heralds a new era of security and trust. Whilst some may see this as another regulatory hoop to jump through, we see it as a great opportunity to redefine relationships with clients and set a new standard for excellence and protection in legal transactions.

What is VOI
VOI is about safeguarding the interests of all parties involved in a transaction. By verifying the identity of individuals, companies and trusts, we are actively participating in setting the gold standard for transactional security. This proactive stance underscores a commitment to protecting clients’ assets and personal information, fostering a deeper trust between client and firm.
The VOI process ensures that a person is who they claim to be, typically requiring the presentation of official, government-issued photo identification documents such as passports or driver licenses.
Given the prevalence of cyberfraud, VOI is crucial to ensuring that the parties involved in buying or selling property are correctly identified to prevent fraud.
Imagine a scenario where a property transaction goes awry due to identity fraud. The financial and emotional toll on the parties involved can be devastating. VOI aims to eliminate such risks by ensuring that everyone involved in a transaction is precisely who they claim to be.
A familiar example of VOI that most people will be familiar with VOI is in the online banking context. The VOI processes that financial institutions have implemented include face to face presentation at a bank branch with photo id together with multifactor authentication methods (usually via third party applications on mobile phones) to securely verify a user’s identity before granting access to their account or processing transactions. This process ensures that transactions are both secure and legitimate.

Preparing for the Future
The adoption of VOI in Tasmania a step towards preparing for the State’s transition to electronic conveyancing in the not to distant future. This shift is about more than just modernizing processes; it’s about embracing innovation to make transactions faster, more secure, and more efficient. Whilst a date has not been announced for the transition, we are told that it is not far away.

How We Are Preparing
Detailed VOI Process – We will guide our clients through every step of the VOI process, ensuring clarity and ease. From what documents are needed to remote verification options.
Addressing Concerns – We understand concerns about privacy and complexity. Rest assured, we have measures in place to protect your information and to make the process as smooth as possible.

Win-Win
As society is moving towards a more connected and digital future, our strategic implementation of VOI ensures that we not only comply with emerging standards but also thrive in an ever evolving legal landscape.

The information provided in this blog is for general informational purposes only and does not constitute legal advice.

If you need expert legal advice, please contact our legal team on 03 6226 1200.

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