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LEI Checker – How to search the LEI database

23/5/2020

If you would like to add an extra layer of security to your KYC process, start using the LEI search tool today. It is the perfect addition to any internal organisational process which involves identity checks. The tool is free to use and the data is global, reliable and up to date!

Below, we outline why you should start using it today, and how to make the most of it.

The global LEI system has innumerous benefits to the global economy. The Legal Entity Identifier provides unique, standardized data on companies trading all around the world. The most important feature of the LEI data is that it is stored in an easily accessible, public database that you can begin using, today!

The GLEIF search tool is not just used by regulators, or financial institutions for reporting and compliance obligations. The beauty of the LEI is that any company can easily integrate an LEI check as part of its KYC processes.

The beauty of the LEI is that your company can easily integrate an LEI check as part of its KYC processes, pretty much straight away.

With over 1.7 million entities on the LEI database, you can navigate the GLEIF search tool and discover valuable information about potential clients, investors or customers.

Previously, if you were communicating with a company from across the world, you had to rely on information provided by their website, or local registry listings to find out who they were. This can cost valuable time and resources and much registry information may be in another language, or that country may have strict privacy regulations with regards to data they can provide.

Now, when dealing with another company, checking if they have an LEI is a sure way to know they exist and are who they say they are.

In many instances, the LEI checker can provide an organizational structure or parent information. For example, by looking at the LEI of Alphabet Inc, you can easily see that it owns Google and the family tree and all subsidiary entities associated with the global corporation.

How can you begin using the LEI Search tool?

GLEIF have made freely accessible the LEI search tool. This tool allows you to search LEI data in depth using ‘Expert Mode’.

An LEI record will provide you with basic information on any given entity such as:

Registered name (plus trading as names)
Registered Address
Company registration number

Company type (e.g Limited Company, Fund, Trust)
Parent company information
Children company information

To begin your search visit the GLEIF Look Up tool (link at the bottom of this page). Think of a company you have in mind, or simply navigate the database freestyle to check it out.

If your initial search does not provide your desired result, try filtering by switching on the 'Expert Mode' button in the top right corner.

Using 'Expert Mode'

Use expert mode to conduct a search by combining multiple search filters. We suggest playing around with this for a while until you get the hang of it.

Using expert mode, you can conduct very granular searches. For example, if you want to find a list of Limited Companies in your city, or entities registered at a particular address.

By using different combinations of filters you can conduct very precise and detailed checks for clusters of companies and spot trends, patterns or anomalies.

Expert Mode filters include the below (all can be used in combination):

LEI Code	LEI Issuer	LEI Status	Company name	Country
City	Post Code	Company Type	Associated companies	Expiration date
BICs	ISIN Code	General category	Company status	Registration date

To use a random example, we will search for Limited Companies in registered since 2019 in the USA, who have the word 'services' in their name.

Understanding LEI Status

You can also view the status of the LEI code. This will tell you whether the information contained within the record is likely to be valid or up to date. If the LEI code has not been renewed recently, it may contain inaccurate data.

LEI Status:
ISSUED: The LEI is active, and the information on the LEI record has been updated within the last 12 months.
LAPSED: The LEI has expired and the data has not been renewed. It needs to be updated.

It is estimated that by adopting searches such as this, the global banking industry could save up to $2-4 Billion in KYC checks annually.

The LEI Search adds a quick, and reliable extra layer of security to your current KYC processes.

In summary, the LEI Search tool is a very reliable and useful database that can be introduced to your team in a matter of minutes. You can include the LEI as a requirement for customers to fill out on your forms for example. If they provide an LEI, and the data is accurate, you can have peace of mind knowing that they have accountability, are who they say they are and are a company that stand behind their brand.

"No LEI, No Trade"

If you have an LEI Code, we recommend that you maintain it. It should not Lapse or it could interfere with your ability to conduct business. If a potential investor sees that you have an expired LEI, it may discourage them from engaging in business with you. It could also result in your banking or financial institution blocking trades, or your regulator preventing the settlement of securities.

Renew a lapsed lei here

We are here to help...

If you are having trouble locating a particular entity, or finding out about their LEI code, or perhaps cannot find your own LEI code please contact us.

Our team are very experienced in navigating the LEI database and will be happy to help you conduct KYC checks free of charge.