Central Credit Register: Verification Amendments

Author:Mr Patrick Molloy, Liam Flynn, Donal O'Donovan, Peter O'Brien, Michael Hastings and David O'Mahony

A statutory instrument published in the Official Gazette on 30 August 2019 - the Credit Reporting Act 2013 (Section 20) (Verification of Identity of Credit Information Subjects) (Amendment) Regulations 2019 (S.I. 433/2019) - has simplified the identity verification process for lenders subject to the credit reporting regime. Lenders and other “credit information providers” (“CIPs”) subject to the Credit Reporting Act 2013 are required to verify the identity of borrowers and other credit information subjects (“CISs”). The verification steps that CIPs are required to take are set out in S.I. 488/2016 (the “Section 20 Regulations”). The new S.I. amends the Section 20 regulations. The amendments seek to avoid duplication of verification processes already undertaken by CIPs in relation to anti-money laundering legislation or similar. Specifically, a CIP is no longer required to meet the verification requirements set out in Parts 1, 2 or 3 of the Section 20 Regulations if either:

the Criminal Justice (Money...

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