eConveyancing compliance regime
A rigorous compliance regime for subscribers is an integral part of eConveyancing. ORG is responsible for auditing subscriber transactions in NSW.
As most property transactions will be conducted electronically by July 2019 ensuring that all subscribers are aware and compliant with their obligations is paramount in maintaining the integrity and security of conveyancing in NSW.
LRS has been carrying out these audits on behalf of the ORG since September 2017. These audits are randomly conducted. As part of this audit process, subscribers are required to provide documents and evidence that they have complied with the NSW Participation Rules. To assist with this ORG has created a checklist to help subscribers meet their obligations. Any subscribers found non-compliant are referred by LRS to the ORG. The ORG’s role is then to review LRS’ assessment of compliance, ascertain whether further action is needed and then advise the subscriber of the outcome.
The key areas that the audits have identified non-compliance so far are the Client Authorisation Form (CAF), Verification of Identity (VOI) and Right to Deal (RTD).
We want to work with you to ensure you are aware of your obligations. Keep updated by checking this website for further information.