Thirdfort recommends government harmonise regulatory guidance to tackle economic crime in the home moving process

Client due diligence platform responds to government consultation which closes this month

Thirdfort, the client due diligence platform, has responded to a government consultation on home buying and selling reform recommending the government harmonises regulatory guidance on identity, anti-money laundering (AML) and Source of Funds (SoF) verification.

The Ministry of Housing, Communities and Local Government (MHCLG) consultation, which closes on 29 December 2025, is consulting on proposals to deliver a faster, more reliable home buying and selling system, driven by informed consumers, innovative technology and high-standard professional services. Subject to the outcome of the consultation, MHCLG will publish a roadmap setting out how the government will transform home buying and selling over the course of this parliament.
Money laundering is estimated to cost the UK economy more than £100bn annually. Meanwhile, HM Treasury’s 2025 National Risk Assessment (NRA) of Money Laundering and Terrorist Financing identifies the property sector specifically as having significant money laundering risks. As a result, homebuying is an area that stands to be transformed by the greater adoption of technology, especially when it comes to verifying ID and tackling fraud and money laundering.

Jack Bidgood, Co-founder & Chief Product Officer at Thirdfort, said: “In its home buying and selling consultation, the government rightly identifies the role that technology can play in tackling fraud and money laundering. However, beyond recognising the role of technology, we think the government can do more to ensure the take-up of the latest market-leading tools.

“We would like to see the government and regulators harmonise regulatory guidance and set clear technology standards to foster greater tech-enabled ID, AML, and Source of Funds (SoF) verification and enhance shareability.”

Thirdfort has led the way in sharing ID, AML and SoF reports with its Secure Share product. Consumers no longer have to repeat the same checks over and over, which means a better experience for the home mover and more business for the regulated professional. But greater harmonisation is needed across the home moving process to bring about such benefits.

Meaningful progress on data sharing cannot be achieved until the UK first agrees on a common, regulator-endorsed standard for ID, AML and SoF verification. Establishing such a foundation would allow the sector to move beyond unnecessary duplication and unlock the efficiency gains that digitisation promises.

Such a policy would deliver several significant benefits including reducing delays, frustration, and costs for consumers, preventing fraud and enhancing regulatory clarity by bringing together a fragmented regulatory landscape.

Jack Bidgood added: “The latest cutting-edge technology that combines Know Your Client (KYC), Anti-Money Laundering (AML) and Source-of-Funds (SoF) verification can help reduce the risk of economic crime. What’s more, these tools help businesses and professionals meet their regulatory requirements while reducing the risk of fraud and the related compliance burden. It is a ‘win-win’ for all involved.”