LEI Renewal at Global FinReg
Get the answers to all your questions about LEI code renewal.
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
Super Fast Corporate Verification Process
Corporate verification is normally a waiting game. Submit the documents, wait for someone to read them, and then wait for a decision. At most, this process takes a couple of days, while for a company whose paperwork is already in order, it is a matter of minutes.
Wider usage of the global LEI system in 2024
The G20 countries has suggested widening the use of the LEI system, specifically in regards to cross border transactions.
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