Legal Entity Indentifiers (LEIs) – How ready is your onboarding process?
There’s still a long way to go before the ultimate goal of achieving a single, unique identifier for a Legal Entity that can be used by everyone. It’s good though to see lots of activity already, that should really improve the ease at which the Legal Entity Identifier (LEI) can be adopted and used in day to day business processes.
The principle of LEI is, “The availability in the public domain, without limit on use or redistribution, of LEI data, reference data, and processes” (as stated in Recommendation 31 of the FSBs paper).
This principle is encouraging because it significantly increases the chances that everyone will be able to benefit from this initiative. Commercial data providers are already adding the LEI to their offerings, and smaller companies will be able to make use of portals such as the three examples below:
Yesterday (5th August 2013) saw registration open for a UK pre LEIs, with the London Stock Exchange joining the CICI Utiity (run by DTCC/Swift), WM Datenservice and INSEE (French Institut national del la statistique et des études économiques ) as pre Local Operating Units (LOUs). So geographical coverage is increasing.
At iMeta, we have been following the LEI initiative for some time as part of our Assassin KYC product development. Assassin KYC has been designed from the ground up to integrate the LEI as a vital part of the KYC process. It can already be used to record pre-LEIs as part of the on-boarding process.
So the question is: Are you ready? How will you incorporate the LEI into your onboarding process?
by Julie Benson