Global Legal Entity Identifier Foundation opens North America office

Wednesday 24 June 2020 09:12 CET | News

The Global Legal Entity Identifier Foundation (GLEIF), has opened an office in North America to extend its global reach.

Established by the Financial Stability Board in 2014 and headquartered in Switzerland, GLEIF supports the implementation and use of the Legal Entity Identifier (LEI) to drive transparency within global financial markets.

According to the official press release, the focus of the North America team is twofold: to further the organisation’s ‘on-the-ground’ engagement and collaboration with US financial institutions to educate on the value LEIs deliver beyond regulated use in capital markets; and to champion and support pilot programs for financial institutions wishing to use the LEI more broadly across all financial services business lines, such as trade financing, corporate banking and payments. 

The new office is in New Jersey, in close proximity to America’s financial capital, and supports GLEIF’s strategy to drive broad voluntary adoption of the LEI worldwide by banks and other financial institutions. Research published by GLEIF and McKinsey in 2019 revealed that the wide adoption of LEIs could save the global banking community an estimated USD 2-4 billion annually in client onboarding efficiencies alone.

GLEIF will announce next steps later in 2020. To ensure that the future evolution of GLEIS aligns with the financial sector’s requirements, financial institutions worldwide are encouraged to join the GLEIF Globally Important Financial Institutions (GIFI) Relationship Group.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Global Legal Entity Identifier Foundation, GLEIF, LEI, global financial services, banks, onboarding, US
Categories: Fraud & Financial Crime
Countries: United States
This article is part of category

Fraud & Financial Crime