The crucial role of the compliance officer: How the Legal Entity Identifier (LEI) strengthens trust and transparency in companies
10 október 2024
Today, we celebrate the essential work of compliance officers whose dedication forms the backbone of trust and transparency in global business operations. Compliance officers face the challenging task of fulfilling regulatory requirements, maintaining international standards, and strengthening stakeholder trust. Tools such as the Legal Entity Identifier (LEI) and the verifiable LEI (vLEI) are becoming increasingly important.
What is the Legal Entity Identifier (LEI)?
The Legal Entity Identifier (LEI) is a globally unique number that gives companies a standardised identity in the international business environment. It enables precise and standardised legal entity identification, strengthening global business transparency. Compliance officers increasingly use the LEI to optimise processes and minimise manual checks.
The added value of the LEI for compliance officers
The LEI and the verifiable LEI (vLEI) provide compliance officers valuable support in complying with complex regulations. The use of the LEI offers several advantages:
standardised identification:
Compliance officers can ensure accurate identification in different jurisdictions with the LEI.
optimisation of KYC processes:
The LEI simplifies KYC (Know Your Customer) processes and reduces the effort required for manual checks.
increased transparency in cross-border transactions:
The LEI improves transparency and accountability in international transactions, reducing risk for all parties involved.
strengthening risk management:
The LEI provides access to trusted corporate data that facilitates risk assessment and management.
GLEIF and the contribution to compliance
The Global Legal Entity Identifier Foundation (GLEIF) supports compliance officers worldwide by providing tools that facilitate due diligence and simplify regulatory reporting. With these solutions, GLEIF sets new standards for trust, transparency and security and helps companies increase their efficiency.
A thank you to all compliance officers worldwide
Today, we thank all compliance officers who work tirelessly to uphold integrity and global standards. Their contribution to creating safe and transparent markets is invaluable.
Conclusion
The Legal Entity Identifier (LEI) is more than just a number—it is an essential tool for compliance officers to promote cross-border transparency and sound risk management. Compliance officers play a key role in building trust in global markets and fostering growth by using the LEI.
Archives
- október 2024 (2)
- september 2024 (4)
- ágúst 2024 (3)
- júlí 2024 (4)
- júní 2024 (2)
- maí 2024 (1)
- apríl 2024 (1)
- mars 2024 (1)
- febrúar 2024 (1)
- janúar 2024 (1)
- desember 2023 (1)
- nóvember 2023 (1)
- október 2023 (1)
- ágúst 2023 (1)
- júlí 2023 (1)
- júní 2023 (1)
- maí 2023 (1)
- apríl 2023 (1)
- mars 2023 (1)
- febrúar 2023 (1)
- janúar 2023 (1)
- október 2022 (1)
- september 2022 (1)
- ágúst 2022 (1)
- júlí 2022 (1)
- maí 2022 (1)
- mars 2022 (1)
- febrúar 2022 (1)