LEI codes required for cross-border payment transfers
In 2027, everyone will need to have an LEI code. This includes you.
David Silverman, the CEO of Global FinReg, was interviewed on the "The Laundry" podcast. Have a listen and hear him talk about the LEI system, and how it can help with KYC (Know Your Client), AML (Anti-Money Laundering), M&A, and even risk assessment. He also talks about vLEIs and how they will be a game changer for blockchain integration and crypto assets.
As David was doing his interview on ‘The Laundry’, he was reminded of what it was like to live through the financial crisis in New York in 2008. It was a turbulent time, to say the least. The need for a global business identifier (aka LEI) became imminent in the wake of the crisis and Lehman Brothers’ collapse. An LEI ensures that you know exactly who you’re doing business with, who owns who, and who’s the direct and ultimate parent company. It’s the best way to identify the global connections of companies and to ‘follow the money’ across borders.
You can listen to the podcast in this YouTube video, or by clicking on any of the below links:
LEI codes provide the transparency within entity structures that was lacking in 2008. At Global FinReg, we want to help figure out how to use this system to protect our industry and expand business possibilities.
Insights
Who needs an LEI code?
All companies participating in financial transactions must have an LEI code.
We provide concise LEI data for identification of legal entities
Which type of data does an LEI code contain - and how is the data updated?
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