LEI data should be centralised, reduces risks, say banks
As more companies adopt LEIs, their benefits are growing more apparent. Executives from two top-tier banks discuss their value in reducing operational risk and advantages for KYC and AML processes
It is a rare opportunity to get a fresh start when it comes to technology in financial services. With so many firms operating on legacy systems, the chances to work with a clean slate are few and far between.
In the case of legal entity identifiers (LEIs), firms are getting the opportunity to do just that. As more companies adopt LEIs – currently, more than 360,000 have been issued – firms have to
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