GLEIF welcomes Rubix Data Sciences as first validation agent in India

Wednesday 23 March 2022 14:51 CET | News

The Global Legat Entity Identifier (GLEIF) has announced the Rubix Data Sciences has become the first Indian Validation Agent in the LEI system.

Rubix is a provider of B2B risk management and monitoring platform to the Indian market. It will work as a Validation Agent of Legal Entity Identifer India (LEI), which is a GLEIF accredited LEI issuer and a wholly owned subsidiary of the Clearing Corporation of India.

In its new role, Rubix will leverage its KYC and AML onboarding procedures, already undertaken to support SME risk assessments for banks, insurance companies, and large corporates to help clients obtain LEIs. This will augment the customer experience of obtaining an LEI and will also deliver time / cost efficiencies to Rubix’s client lifecycle management.

GLEIF welcomes the expansion of its Validation Agent Framework in India and acknowledges the value this brings to SMEs at a time when LEI demand is expected to rise sharply aross the region, according to the press release. A growing number of mandates from Indian regulators require more Indian organisations to obtain an LEI.

The Reserve Bank of India, the Securities and Exchange Board of India, and the Insurance Regulatory and Development Authority of India have all already mandated LEI usage in various use cases including over-the-counter derivatives, credit borrowing, large value payments, insurance, and cross border transactions.

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Keywords: certification, RBI, KYC, AML, risk management
Categories: Fraud & Financial Crime
Countries: India
This article is part of category

Fraud & Financial Crime