The Global Legal Entity Identifier (LEI)
What is the LEI?
A Legal Entity Identifier (LEI) is a unique 20-character code that identifies legal entities participating in financial transactions. The LEI is designed to facilitate accurate and efficient identification of legal entities, thereby reducing the risk of fraud and improving the transparency of the financial system.
Area of Application of the LEI
The LEI is used in a variety of applications, including:
- Identifying legal entities in financial transactions
- Preventing fraud and money laundering
- Improving the transparency of the financial system
- Facilitating cross-border transactions
- Supporting financial regulation
Obtaining an LEI
All requests for an LEI must be accompanied by a completed Authorization form signed by an authorized representative of the legal entity. The GMEI Utility Authorization form template can be found here: GMEI Utility Legal Entity Identifier Authorization Form
Conclusion
The LEI is a valuable tool that can help to improve the efficiency and transparency of the financial system. By using LEIs, legal entities can reduce their risk of fraud, improve their compliance with regulations, and facilitate cross-border transactions. The GMEI Utility Authorization form is the first step in obtaining an LEI.
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