Reference data held by banks to perform functions such as know-your-customer checks provides no competitive advantage and is stored at considerable cost. But as this information overlaps with that of their peers, ideally banks should be able to cross-check the data with each other – does company X have a politically exposed person on its board, for instance? Or does the legal entity identifier (LEI) of company Y match what others have on record?
In reality, however, this data is too sensitive
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