LATEST FROM LEI WORLDWIDE

An LEI Transfer is the act of moving an LEI from one provider, or LEI issuer to another. A bulk transfer request can be made in order to bring all of a companies organisations LEIs under one roof. Transferring an LEI may take up to 7 days to complete, however they can be done for free and do not change any of the LEI data or the 20 digit LEI code itself.

LEI Worldwide provide an LEI transfer facility on the RAMP engine. You can easily transfer one, or multiple LEIs using our dashboard fro your existing LEI issuer. We generally recommend renewing an LEI upon transfer, however this can also be done free of charge. If you would like to find out mor about LEI transfer, how and why you can complete one please read on. 

The Global LEI System has been evolving since its inception, we saw LEI Level II Data, or Parent Structure reporting being initially introduced around 2015 by the LEI ROC. In 2022 there have also been some recent updates which include Fund Structure Reporting for LEIs and Entity Creation Date. 

The Legal Entity Identifier (LEI) system is the first global identifier for organisations and legal entities such as businesses which provides unique reference data on each entity within an organsiations structure. In the aftermath of the collapse of Lehamann Bros in 2008 it became apparent that an new system capable of sheeding light on an organisations entire structure spanning all jurisdictions was needed. Each unique LEI record reports data on the parent and child entities releavant to that legal entity.

The vLEI, or Verifiable Legal Entity Identifier, establishes a decentralised and trusted way to verify not only legal entities, but the individuals with the rights to represent those entities, in realt time. A recent collaboration between GLEIF and PharmaLedger has resulted in the vLEI becoming a critical component of a new healthcare service blockchain platform. 

The 2022 Irish Funds Annual Global Funds Conference took place on May 31st 2022. LEI Worldwide were in attendance and sponsored the Annual Golf Outing and Exhibition space while a full day of interesting and thought-provoking presentations took place around the Convention Centre Dublin. 

LEI Worldwide showcased their API-tech driven LEI management solution at Stand 4 in the exhibition hall, a spot held by the 2022 FinTech Factor Winners every year. The conference was "the biggest ever" in its history with nearly 600 delegates gathering from the global Funds industry for the first time since 2019.

Inventing Anna is currently one of the most trending TV series on Netflix. What can it teach us about #digitalidentity #customeronboarding and the efficacy of the #LEI?

The show highlights how the LEI system can prevent fraud, and assist financial institutions with their efforts against money-laundering and enhance customer onboarding and due dilligence through the use of the Legal Entity Identifier.

*spoiler alert*

The Reserve Bank of India has set a 3 year timetable for non-individual (corporate) borrowers with an exposure of over Rs 5 crore+ to obtain an LEI (Legal Entity Identifier).

The LEI is a 20 digit identifier code that helps bring more transparency and trust to transaction, clearly identifying who is whom in any given financial transaction. It is currently mandated by over 116+ laws globally and this is set to expand with India leading the way. 

The Reserve Bank of India (RBI) extends LEI guidelines to large borrowers of NBFCs and Primary (Urban) Co-operative Banks. Borrowers who fail to obtain a Legal Entity Identifier (LEI) from authorized LEI Issuers shall not be sanctioned any new exposure nor shall they be granted renewal/enhancement of any existing exposure.

On the 1st, March 2022 the LEI ROC (Regulatory Oversight Committee) issued new CDF (Common Data Files) Formats. LEI Worldwide have implemented the changes in its RAMP LEI management platform. 

LEI Fund structure reporting: Complex Fund structures will now be able report their structure in a more transparent manner. 
​

LEI Worldwide joined the ranks of past winners of the esteemed FinTech Factor competition hosted by Irish Funds on 25th March 2022. 

LEI Worldwide is a fully digital, cloud based FinTech specialising in the procurement and management of Legal Entity Identifiers. 

The presentation delivered by the Group CEO of LEI Worldwide, Darragh Hayes, explained the relevance and necessity of the LEI, drawing upon real life examples illustrating how it could have been used to prevent the infamous and trending TV show ‘Inventing Anna’.

With the rapid digitisation of the global economy new innovations are surfacing which unlock pain points and replace outdated processes. Sometimes these innovations fit together perfectly, in this case we will look at the applicability of the LEI acting as the KYC layer to Central Bank Digital Currencies.

CBDCs using the LEI as a KYC layer harness the benefits of cryptocurrencies, blockchain and distributed ledger technology, while mitigating the downsides they present to a normal, healthy functional banking system.

Darragh Hayes, CEO of LEI Worldwide - Legal Entity Identifier, discusses how the Legal Entity Identifiers (LEI) help both regulators and clients in verifying the identity of the company and the officials involved in financial transaction.

The Bank of International Settlements (BIS) compare the standardization power of the LEI to that of the standardization of the shipping container and the economic advantages that came with it.

The paper written by Francis Gross alludes to the fact that making basic micro-data freely available on participants in a marketplace would have huge benefits to the wider economy, but must be i) globally standardised, ii) real time and iii) must be granular. These are the three key characteristics which make up the global LEI system.

The European Commission have announced a long-awaited AML Package and new regulatory body to govern its implementation and compliance. The Legal Entity Identifier is chosen as a trusted means to identify counterparties to transactions. 

The European Commission have announced the long-awaited AML Package and new regulatory body to govern its implementation and compliance.

The package put forth aims to put in place a new watchdog called the EU AML Authority (AMLA) and draft a new single EU Rulebook for AML/CFT obligations.

A new EU regulatory watchdog has been proposed in order to ensure the private sector correctly and consistently applies EU AML rules.

LEI RBI Guidelines

The LEI has been required in India since 2017 in order to increase market transparency and identify fraud in the financial transactions. All financial borrowers and lenders in India have been mandated to obtain an LEI. According to the RBI (Reserve Bank of India) the LEI has been introduced in a phased approach for market participants in the over the counter (OTC) derivative and non-derivative markets as also for large corporate borrowers.

The LEI in India has also been introduced for all payments/transactions of value ₹50 crore and above undertaken by organisations/corporates using Reserve Bank-run Centralised Payment Systems viz. Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).

Global B2B Identification: Why the LEI is key

We live in an increasingly digital age, digital processes and transactions effect, influence and monitor us on a daily basis. We use digital devices to communicate, transact, authenticate, visualise and record with devices located globally via the Internet.

All of this occurs with limited thought or consideration, except perhaps the authentication of our identity. Our social standing and the media we create can provide an online identity for us but this has proven or be vulnerable to misrepresentation or straight up fraud. 

A proven identity is definitely something we value as we know the implications of having an identity that is considered to be proven. In order to obtain a National ID or passport, one must pass certain validity checks and when a passport is presented we can be confident this person is who they say they are.