The Validation Agent (VA) Framework
The GLEIF Validation Agent framework is a new initiative intended to replace duplicated workflows experienced by banks and customers who are being onboarded, and applying for LEIs simutaneously. Any Financial Insittution that conducts KYC onboarding, can apply to become a Validation Agent e.g a bank. The benefit of this is that the bank can apply for an LEI on behalf of the customer, at the point of onboarding, using the KYC verification documents uploaded while being onboarded to apply for the LEI, thus streamlining and replacting outdated, duplicated workflows.
What is an LOU?
The Global LEI System (GLEIS) is composed of a number of Local Operating Units and LEI Registration Agents from which you can obtain an LEI. How to choose one that suits your needs.
The LEI System was created by the G20 Nations after the last Global Financial Crisis in 2008. The Financial Stability Board (FSB) appointed the Global Legal Entity Identifier Foundation (GLEIF) to oversee the implementation of a new identifier system to prove a single, standardised ISO (17442) identifier to all global market participants. To date there have been over 1 million LEIs issued globally and it has been driven primarily by regulation in order to create more transparency and security in global markets.
The GLEIF appointed 30 LOUs located around the world to allocate LEIs and invented the concept of a Registration Agent to streamline the assignment of LEIs to companies globally.
The process of obtaining an LEI number has never been more complicated, but has been simplified with the introduction of LEI Worldwide. With a lot of options, you may be wondering which LOU you should register your number with?
