20 Jun Your Guide To Legal Entity Database
Legal Entity Identifier
The Legal Entity Identifier (LEI) is a unique global identifier of legal entities participating in financial transactions. They could be individuals, businesses or government organizations that engage in a financial transaction.
The identifier is a 20-character, alpha-numeric code based on the ISO 17442 standard. It connects to important reference information that enables clear and unique identification of legal entities participating in financial transactions. Each LEI contains information about an entity’s ownership structure and thus provides us with information regarding the company ownership and hierarchy.
The Legal Entity Identifier Database
The entire system of LEI is designed in such a way that the LEI data is regularly verified and updated. Hence, making the system accepted and reliable. The publicly available LEI data pool can be seen as a global directory of participants in the financial market.
The publicly available LEI data pool is a unique key to standardized information on legal entities globally. The data is registered and regularly verified according to protocols and procedures established by the LEI Regulatory Oversight Committee.
How secure is the database?
The global database is linked with multiple regional databases and is constantly monitored by a team of experts. It is ensured that the data provided by the system is recent, authentic, and well detailed. Special importance is given to the safety and security of this database to maximize trust among users.
Company’s shield against financial fraud
International share trading comes with the risk of financial fraudulence. The emergence of globalization and the latest technologies has made life easier for people but has also added the vulnerability associated with online financial transactions. LEI data allows individuals to get all legal information about any listed company, eliminating the chance of financial fraudulence.
What does the data contain?
From legal licenses to ownership details, the data will cover all the basic things that an individual might need to know about a company. Getting hold of this data is extremely easy irrespective of your geographic location.
Advantages of the LEI
- With the advent of the LEI, the risks of conducting financial transactions have significantly reduced. Now, you have the knowledge to evaluate the total risk of the company with whom you are transacting.
- The introduction of LEI has minimized the costs of reporting tasks. Any form of financial transactions can cut down the costs of gathering information and other administrative costs to the intended party.
- The best part is that market transparency has now become better. Due to such versatility, one can easily recognize market manipulation, financial fraud or any other suspicious activities. Thus, making transactions simple, reliable and trustworthy world-wide.
LEI search is simple yet effective
You only need to provide the name, code, or the registration details of your intended company in the tool. It will rummage the entire database and give you the list of matching results. If you wish, you can also view the list of all the organizations in detail and analyze them for evaluating the company.
Needless to say, the LEI search has managed to reduce the stress levels of the investment agencies, investors or companies. Even if you have never used the LEI database search before, you will find it incredibly easy to use the tool. So, do not wait anymore. You can start searching the LEI database right away.
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