Verification of identity (VOI): a refresher

The requirement for mortgagees to verify the identity of mortgagors is nothing new. However, this does not necessarily mean that the process is well understood, particularly as it has continued to evolve in the context of the challenges presented by the COVID-19 pandemic.

This article provides a "refresher" on the purpose of and procedure for conducting verification of identity (VOI) and how this operates in the current landscape.

1 What is VOI?

The requirement to conduct VOI was initially mandated for the purposes of electronic conveyancing, however it has since been extended to paper transactions. All states and territories have adopted the Model Participation Rules (Model Participation Rules) developed by the Australian Registrars' National Electronic Conveyancing Council (ARNECC),with the exception of the Northern Territory and Tasmania.