(1) A credit information provider shall take all reasonable steps to verify the identity of credit information subjects who -

(a) make credit applications to, or credit agreements with, the credit information provider, or

(b) propose to give or give, a guarantee or indemnity in connection with a credit agreement with the credit information provider.

(2) Without prejudice to the generality of paragraph (1), a credit information provider who makes a credit agreement with a credit information subject shall, as and from the date when that provider first provides personal information to the Bank in accordance with Part 2 of the Credit Reporting Act 2013 (Section 11) (Provision of Information for Central Credit Register) Regulations 2016, and in order to verify the identity of the credit information subject concerned, comply with the requirements set out -

(a) in Part 1, in respect of a credit information subject who is an individual,

(b) in Part 2, in respect of a credit information subject who is an individual carrying on activities other than as an employee, and

(c) in Part 3, in respect of a credit information subject which is not an individual.

(3) For the purposes of paragraph (2), where -