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LIV raises concerns re ARNECC Model Operating Requirements and Model Participation Rules

LIV raises concerns re ARNECC Model Operating Requirements and Model Participation Rules

By Property and Environmental Law Section

Conveyancing Real Property 

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The Law Institute of Victoria wishes to raise concerns about the proposed amendments to the current ARNECC Model Operating Requirements and Model Participation Rules by Version 6 Consultation Drafts.

The LIV submits that the proposed amendment clause will cause substantial practical difficulties in identifying clients and is likely to increase costs for consumers.

The effect of the Amendment Clause will be to abolish the discretion of a subscriber to use ‘reasonable steps’ as an alternative to the Verification of Identity Standard (‘VOI Standard’). The Amendment Clause will require practitioners to carry out the VOI Standard for clients every two years even in situations which the LIV submits present a very low risk of fraud.

Read more here

Contact

Property and Environmental Law Section
PSnow@liv.asn.au
(03) 9607 9314


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