In this way, FIs can use the LEI to solve the problem of cross border trust for their clients worldwide. It is the only open, commercially neutral, standardised and regulatory endorsed system capable of establishing digitised trust between all legal entitles, everywhere. As awareness of these enabling attributes increases, the Validation Agent role is also likely to be assumed by banks seeking to become recognised leaders in identity management, positioning themselves as facilitators of global trade.

What’s more, if the LEI becomes more prominent and available in AML reporting then regulators, in particular across borders or jurisdictions, will be better equipped to identify and trace illicit financial behavior, which in turn protects both businesses and the general public.

Any FI that serves legal entity clients may apply to become a Validation Agent. GLEIF is actively engaging with the global banking community to support trials of the Validation Agent Framework and invites FIs to enquire about participation within the trial phase.

Stephan Wolf is the CEO of the Global Legal Entity Identifier Foundation (GLEIF). This article was first published on the GLEIF website^[2].

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