Credas launches Compliance Wallet to streamline property checks
Credas has launched its Compliance Wallet, targeting duplication and inefficiency in property sector compliance checks.
The product was introduced at an event in central London attended by property professionals, conveyancers, regulators, and industry representatives. The solution will initially serve the property market, where repetitive compliance verifications continue to be a significant administrative and financial issue.
Compliance and verification
The Credas Compliance Wallet combines a verified identity with a comprehensive compliance profile. This includes politically exposed persons (PEP) and sanctions screening, anti-money laundering (AML) checks, digital address verification, and ongoing monitoring. The compliance information can be shared instantly as required, with the aim of speeding up client onboarding and reducing the friction commonly experienced in property transactions.
The company reports that 60% of compliance checks in the property sector already use Credas, with 15 million wallets made available at launch. The wallet is compatible with Apple, Google, and Government ID wallets.
Industry challenges
During the panel discussion at the event, several speakers addressed issues surrounding regulatory compliance in the property industry. Catherine Perry, Legal and Compliance at Yopa, and Catherine Chappell, Group Head of Commercial Crime Prevention at Connells, discussed the complexity of compliance under multiple regulatory frameworks, referencing the demands of oversight by HM Revenue and Customs (HMRC), the Solicitors Regulation Authority (SRA), and the Financial Conduct Authority (FCA). Both highlighted the ongoing importance of education and training for protecting business integrity and client interests.
Nick Ledingham, Chief Commercial Officer at Credas, outlined the extent of the current inefficiencies and fraud risks, presenting data to illustrate the volume of identity checks required and the scale of reported ID fraud.
"On average, each property transaction involves 5.4 identity checks, while over 250,000 ID fraud cases were reported in 2024 alone. The Credas Compliance Wallet addresses this head-on by creating a shareable, interoperable solution that provides a one-time fraud audit trail of verification. With 15 million wallets available at launch and compatibility with Apple, Google and Government ID wallets, we are building an industry-wide solution that works with – not against – existing systems."
Neil Williams, Chief Technology Officer, and Gruff Dodd, Chief Financial Officer at Credas, also took part in the panel, discussing implementation and interoperability with current industry systems.
Executive commitment
Tim Barnett, Chief Executive Officer at Credas, commented on the company's approach to the product roll-out and teamwork behind its development, stating:
"We are launching on day one with 15 million wallets in circulation, marking the start of a very busy few months ahead. Compliance tech is changing, and that change is being driven by a small but hugely talented team based in Cardiff – a team I am very proud of."
Wider adoption and future prospects
Credas' Compliance Wallet will be introduced to regulated industries beyond property in the future, providing a common framework for managing compliance requirements and audit trails. At the launch, attendees raised questions about efficiency improvements and alleviation of persistent challenges experienced by both professionals and consumers in the property sector.
The product aims to assist property professionals, conveyancers, and regulators by enabling scalable, interoperable compliance processes and minimising repeat verification through a secure, shareable profile.
Credas states that the compliance wallet is set to contribute to new standards of security, trust, and collaboration in property transactions and beyond.