Credas Launches New Lettings Product Suite to Help Agents Navigate Sanctions Rule Changes

As the UK’s private rental sector braces for significant regulatory changes, Credas Technologies, a leading identity verification provider and a Fintech Wales member, has launched Credas Lettings—a dedicated suite of products designed to support letting agents in meeting new financial sanctions compliance requirements.

From 14 May 2025, new guidance from the Office of Financial Sanctions Implementation (OFSI) will require letting agents to screen all tenants and landlords for potential sanctions breaches—a move that could result in millions of additional compliance checks annually. This change is expected to affect an estimated 2.9 million rental properties, significantly increasing the administrative burden on letting agents.

Credas Lettings: A Purpose-Built Compliance Solution

The Credas Lettings product suite streamlines the identity verification (IDV) and sanctions screening process, ensuring compliance while saving agents valuable time.

• Landlord & Tenant Screening – From basic sanctions-only checks to enhanced ID verification, bank account verification, and proof of property ownership.
• Right-to-Rent Verification – Simplifies tenant checks without requiring additional verification steps.
• Bulk Upload Capability – Allows agents to screen existing tenants and landlords in one go, avoiding the need for direct outreach.
• Dedicated Lettings Portal – Custom branding and data segregation for easier navigation and compliance tracking.
• Efficient False Positive Resolution – Credas+ technology helps agents quickly remediate false positives, reducing administrative delays.

Industry Impact & Insights

Tim Barnett, CEO at Credas Technologies, commented:

“With the private rental sector now representing 19% of all households in the UK, this new OFSI guidance represents a major shift for the industry. Agents must now oversee financial transactions and carefully assess individuals and businesses with more scrutiny. We have created our lettings offering to focus solely on the sanctions capabilities letting agents need, removing the burden on agents.”

Beyond compliance, Credas Lettings integrates Know Your Business (KYB) checks, anti-money laundering (AML) assessments, and Land Registry verification to provide a comprehensive solution for letting agents navigating these regulatory changes.

To learn more about Credas Lettings, visit Credas Lettings.

About Credas

Founded in 2016 and based in Cardiff, Credas Technologies is a leading provider of compliance and onboarding software for legal, property, and business professionals, verifying over four million individuals annually. As a certified Identity Service Provider under the UK Government Trust Framework, Credas continues to drive innovation in identity verification and compliance technology.