The Credit Reporting Act 2013 (Section 20) (Verification of Identity of Credit Information Subjects) Regulations 2016 (the "2016 Regulations") were introduced by the Central Bank of Ireland (the "Central Bank") on 20 September 2016. The 2016 Regulations set out the requirements for credit information providers ("CIP") (i.e. lenders) to verify the identity of credit information subjects ("CIS") (i.e. borrowers).
The Credit Reporting Act (Section 20) (Verification of Identity of Credit Information Subjects) (Amendment) Regulations 2019 (the "2019 Regulations") aim to simplify the verification requirements in the 2016 Regulations. Part of the purpose for the changes is to avoid duplication of verification processes which have already been undertaken by CIPs under anti-money laundering legislation.
Amendments to 2016 Regulations
The 2019 Regulations amend the 2016 Regulations by providing that a CIP is not required to meet the verification requirements outlined in Parts 1, 2 and 3 of the 2016 Regulations if:
(i) the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the "2010 Act") applies to the CIP and the CIP has verified the identity of the CIS pursuant to the requirements of the 2010 Act, or
(ii) the CIP has complied with any...