LEI Data checkups, audits and matching

LEI regulatory reporting is being enforced and checked by regulators across the EU, US and globally. Collectively, there are over 116+ pieces of legislation mandating the correct and orderly reporting of LEI data such as HMDA reporting, MiFID II, OTC Swaps & Derivatives Reporting, SFTR etc.

​We have reported extensively on the recent high profile fines and penalties incurred for LEI data mis-management. LEI data compliance has become a priority for regulated financial institutions such as investments banks, financial transaction intermediaries and regulated participants within capital markets and securities trading. We provide the below services to ensure you can manage your in house LEI data and rest assured it is correct, up to date and nothing falls between the cracks. 

LEI Data Checkup

Regulators are enforcing LEI requirements. Our LEI Checkup service verifies your in house LEI data is compliant, accurate. The LEI Checkup identifies open issues, assesses your data compliance, identifying areas requiring review and remediation. 

LEI Audit

An LEI audit is an annual checkup for your in-house LEI data. Just like a yearly physical checkup provides insights into your health, an LEI audit offers insights into the health of your LEI data. This can help you avoid any penalties or LEI associated fines. 

LEI Smart Matching

Firms with large volumes of LEI Data such as banks can find it very time consuming and challenging to map out in-house entity data to existing LEI data. Smart Match uses advanced text matching algorithms to improve match rates and speed the process.

Alerts & Monitoring

An LEI 20 digit code or number is never changes, but its reference data is real time and constantly changing. Our alerts & monitoring service provides targeted notification of data updates that have compliance or risk implications you need to be aware of.

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1. LEI Smart Match

Firms faced with rigorous data reporting duties such as large financial institutions, bank and mortgage lenders are often faced with the difficult task of matching in house data with existing LEIs, or vice versa. Legal entity data management is tricky, time consuming and frought with regulatory risk.

This data can often be very time consuming to sort through, and without the help of a professional can incur disproportionate amounts of time and resources, not to mention penalties.

With LEI Smart Match service, our professional analysts will use our expertly engineered text matching algorithms to quickly sort through piles of data mapping out where the gaps are and what is okay, allowing your regulatory compliance professionals rest easy at night.  

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2. LEI Checkup

The Legal Entity Identifier has simplified the process of identifying trade counterparties on a global scale. By using the LEI as a common identifier for all financial entities the processes of KYC, customer onboarding, AML checks and regulatory reporting have become more streamlined and efficient. However in order for this goal to be realised we need to have up to date, high quality LEI data, and this needs to be maintained in-house. 

LEIs help businesses, financial institutions and policymakers to more easily link data sets, improving analysis and supporting better risk assessment. Being able to more easily build a complete picture of a business, by linking its data, could also help small businesses to access finance. We want to extend the mandatory use of LEIs to a wider range of transactions in the future. We will champion the LEI as a globally recognised and unique identifier for all businesses in the UK.
- Bank of England

How the LEI Checkup works

1. Consultation
A brief call or meeting to discuss if you firm qualifies for this service. If you will benefit from this LEI Checkup we will advise how to prepare a file upload. 

2. File Upload:
You upload a CSV file containing entity data to the secure LEI Smart server which performs the checkup.

3. Review Results:
We review the results via Web Ex and discuss how to fix the identified issued contained within the LEI data. 

So, if you have an LEI list of customers and counterparties that contains 100,000 entries, you should expect over 10,000 updates over the course of a year, this is common in the banking or finance industry. Even if you have sophisticated data management procedures to keep your data in sync with the latest changes, it’s still easy to miss some updates.

✅ GDPR Compliant and data privacy friendly
✅ Web GUI interface
​✅ REST API
✅ Matching LEI Data

✅ Sophisticated matching algorithms
✅ Alerts
​✅ Remediative action
✅ Searches across all name types 

​​✅ Ongoing maintenance
✅ Easy download of correct mapping 
​✅ Avoid fines or penalties
✅ Avoid trade breaks, exceptions and risk exposures

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3. LEI Data Audit

An LEI audit is an annual checkup for your data Just like a yearly physical checkup provides insights into your health, an LEI audit offers insights into the health (i.e., accuracy and completeness) of your legal entity data. Like a checkup, it consists of diagnostic tests and procedures to determine if everything’s okay with your data. An LEI audit not only detects problems, but it also corrects them.

The 20 character LEI ID is static, but the data it references changes. Events such as a:
  ❗️merger, acquisition, bankruptcy or dissolution
  ❗️legal name change
  ❗️address or jurisdiction change
  ❗️overdue renewals of your firm’s own LEIs
result in critical LEI data updates. Not updating your in-house data to reflect these changes will lead to operational errors and the submission of inaccurate transaction reports to regulators.

In the case of managing LEI data correctly an ounce of prevention is worth more than a pound of cure. An LEI audit typically pays for itself several times over and gives you one less thing to worry about.

​By using LEIs to streamline processes for connecting with internal and external data sources, banks could realise an estimated 14% reduction in client onboarding time. By reducing manual data lookups and enabling straight-through processing across external data sources KYC checks become more streamlined and efficient.

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How much does the service cost?

LEI Data Management solutions by LEI Worldwide & LEI Smart offer a cost-effective and straightforward package based on your particular requirements and data set. Contact us to discuss if it is right for your firm and we will create a bespoke package for you.

• Based on volume of LEI Data and/or complexity
• Includes discount on additional services e.g LEI Registration for your clients​
• Flexible and cost effective
• ​Conducted in partnership and powered by LEI Smart