New Opportunities for Banks in Client Onboarding

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].


References

  1. ^ created (www.regulationasia.com)
  2. ^ GLEIF website (www.gleif.org)

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