(1) Regulation 2(1) of the Principal Regulations is amended by inserting the following definition before the definition of "Act of 2013":

"‘Act of 2010’ means the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6 of 2010);".

(2) Regulation 3 of the Principal Regulations is amended by the addition of the following paragraphs:

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

(a) the Act of 2010 applies to the credit information provider concerned and the credit information provider has verified the identity of the credit information subject pursuant to the requirements of that Act, or

(b) the credit information provider concerned has complied with any other reasonable and reliable process to verify the identity of the credit information subject,

the credit information provider may rely on that compliance for the purposes of requirement to comply with paragraph (2) (a) to (c) to the extent only that the information required to be verified by the requirements referred to in paragraph (2) (a) to (c) has been verified by that credit information provider in accordance with the Act of 2010 or by that other process.