On 18 December 2019, the Australian Registrars National Electronic Conveyancing Council (ARNECC) released a consultation draft of version 6 of its Model Participation Rules. It pertains to Mortgagees’ “Verification of Identity” (VOI Draft) requirements when registering mortgage securities, which are separate to AML / CTF KYC requirements. The VOI Draft – which contains one very noteworthy change – is accessible here.
The VOI Draft came at the end of a year of change for Queensland in 2019, which currently stands apart from the other states in requiring witnesses to mortgage instruments – usually a JP or solicitor – apply the (much stricter) VOI standard. Taken together, it makes for a challenging time for mortgagees in updating their processes.
In this briefing, we provide an overview of the changes regarding witnessing of mortgage securities in Queensland, the key changes proposed under the VOI Draft and offer some practical steps for mortgagees to consider now.