MyIdentity® is the digital identity trust scheme for the home buying and selling process, providing an identity trust framework for consumers getting their identity verification (IDV) and anti-money laundering (AML) checks done as part of the housing transaction. MyIdentity® provides a framework for new home builders, estate agents, conveyancer/lawyers, financial brokers and mortgage lenders.
The MyIdentity® scheme provides a framework to enable Service Providers to use a proof of identity provided by certified Identity Providers (IDSPs) and meet their obligations under Customer Due Diligence (CDD). And this is detailed within The Money Laundering and Terrorist Financing (Amendment) Regulations 2019.
A home buyer/seller can now get their IDV & AML checks done once, own these credentials, and share to all the relying parties that they need to share their details with. This reduces customer friction, increases the barriers to fraud, makes it easier to onboard a customer and creates a framework for identity reuse.
Services
Developing the digital identity trust scheme for the home buying & selling process encompassing estate agency, conveyancing, financial intermediary services and mortgage lenders. Objectives are to enable a home buyer/seller to get their identity verified once, and once only, with the ability to then share their identity credentials with all the other service providers (relying parties) through the transaction process. The MyIdentity scheme will work to support identity providers (IDSPs) to become certified enabling them to sell their identity services to the whole eco-system of service providers who have a vested interest in a transaction.
The MyIdentity scheme is working to put the consumer at the heart of the transaction, aligned to DCMS and MHCLG policy. www.gov.uk/government/news/government-sets-out-new-plans-to-help-build-trust-in-use-of-digital-identities