Credas Launches Solution to Major Compliance Changes in Lettings Shake-Up

Welsh fintech leader Credas Technologies has launched Credas Lettings, a new compliance solution designed to help letting agents meet the latest sanctions screening requirements set to take effect on May 14, 2025.

The regulatory change, introduced by the Office of Financial Sanctions Implementation (OFSI), will require letting agents to screen all landlords and tenants against sanctions lists before a tenancy is agreed. This marks one of the most significant compliance shifts in the lettings sector, increasing the workload for agents managing the UK’s 2.9 million rental properties.

Letting Agents Face a Major Compliance Overhaul

Speaking about the changes, Tim Barnett, CEO of Credas Technologies, explained the scale of the impact:

“Lettings agents from May 14 will now have to check every landlord and every tenant against sanctions lists, which is going to be a really big deal for agents. Actually, it is a huge job.”

The government’s move is part of a broader effort to close financial crime loopholes within the property sector. Historically, anti-money laundering (AML) laws have focused on property sales, but rental properties have remained largely unregulated in this area.

“The government realised there was a gap in lettings, where sanctioned individuals could rent or let properties to move money through the system. This change is about closing that loophole.”

How Credas Lettings Helps Agents Stay Compliant

To help letting agents meet these new compliance requirements efficiently, Credas Lettings provides a fully automated sanctions screening solution. The platform enables agents to:

• ✔️ Batch screen all existing tenants and landlords in one go.
• ✔️ Automate future checks for new rental agreements.
• ✔️ Integrate right-to-rent and financial compliance checks in one system.
• ✔️ Reduce manual workload with a cost-effective, easy-to-use solution.

By integrating identity verification, AML checks, and sanctions screening, Credas Lettings ensures that agents can quickly and effectively comply with the new regulations.

Watch the Interview Clip with Tim Barnett

In a recent discussion, Tim Barnett shared insights into why this change is happening and how Credas Lettings is simplifying compliance for letting agents.

Find Out More and Book a Demo

To learn more about Credas Lettings and book a free demo, visit https://credas.com/ .