LEI Worldwide
  • Home
  • LEI REGISTRATION
    • Update an LEI
    • Transfer an LEI
  • Resources
    • KNOWLEDGE CENTRE
    • LEI INFO
    • LEI Statistics
    • LEI Data Matching
    • LEI Regions Supported
  • Become a Partner
  • News & Insights
  • Contact

LEI News & Insights

Regular news, updates and blog posts including 
regulatory updates and notifications for LEI requirements. 

EU Commission propose new AML/CFT Regulations featuring the LEI System

24/7/2021

3 Comments

 
lei aml

The European Commission have announced a long-awaited AML Package and new regulatory body to govern its implementation and compliance. The Legal Entity Identifier is chosen as a trusted means to identify counterparties to transactions. 

The European Commission have announced the long-awaited AML Package and new regulatory body to govern its implementation and compliance.

The package put forth aims to put in place a new watchdog called the EU AML Authority (AMLA) and draft a new single EU Rulebook for AML/CFT obligations.


A new EU regulatory watchdog has been proposed in order to ensure the private sector correctly and consistently applies EU AML rules.

In a bid to fight money-laundering, so called "dirty money" and counter terrorism financing, the ambitious package of legislative proposals is set to strengthen the existing EU’s AML and countering the financing of terrorism (CFT) rules. The overall aim of this package is to improve detection of suspicious activities and transactions, and tighten up and loose spots in the system.

For example, there is set to be an EU wide limit of €10,000 of large cash payments as this is the single most common way for criminals to launder money. 

In addition, the use of crypto-anonymous wallets will be prohibited, similarly to anonymous bank accounts. The Legal Entity Identifier will greatly help reconcile payments between counterparties in transactions and help flag any suspicious trends or activity.

The LEI is quickly becoming the mark of trust in the global financial system.

The proposal put forward on 20th July 2021 is set to include a revision of the 2015 Regulation on Transfers of Funds. Within which is a proposal for a new law which allows authorities combat AML/CFT by tracing sources of funds, or "crypto-assets". In order to achieve this the EU will mandate the use of the Legal Entity Identifier (LEI) for both payer and payees.

The proposal states "(the LEI)could easily be included in existing payment message formats". This could indicate the LEI is set to overtake, or bolster the IBAN as a primary means of identifying the entities behind bank transactions on a corporate, rather than individual level. 

To find out more about the new package put forward by the European Commission, check out the link provided to the page on the EC website: Anti-money laundering and countering the financing of terrorism legislative package.
Picture
3 Comments

Reserve Bank of India LEI Guidelines

19/7/2021

0 Comments

 
rbi lei india

LEI RBI Guidelines

The LEI has been required in India since 2017 in order to increase market transparency and identify fraud in the financial transactions. All financial borrowers and lenders in India have been mandated to obtain an LEI. According to the RBI (Reserve Bank of India) the LEI has been introduced in a phased approach for market participants in the over the counter (OTC) derivative and non-derivative markets as also for large corporate borrowers.

The LEI in India has also been introduced for all payments/transactions of value ₹50 crore and above undertaken by organisations/corporates using Reserve Bank-run Centralised Payment Systems viz. Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).

The RBI states that its members should prepare for the phased rollout of the LEI, in particular those who engage in large value transactions (+₹50 crore) and those who use payment messages such as NEFTS & RTGS. 

RTGS: The LEI shall be reported in the ‘Remittance information’ field.
NEFTS: For outward debit messages, LEI information shall be provided in ‘Sender to Receiver Information’ field.

Companies in India may apply for a Legal Entity Identifier through an agent such as LEI Worldwide.  Existing LEI codes may be transferred to LEI Worldwide for management and maintenance. 

You can find more information from the RBI on their dedicated webpage notification here: 
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12010&Mode=0

Please click Register LEI in India below to obtain a new LEI, or click Transfer LEI to begin to move your existing LEI to LEI Worldwide. 
Picture
Register LEI in india
Transfer LEI
0 Comments

    LEI Worldwide

    The views expressed in this blog belong to LEI Worldwide.

    Archives

    April 2022
    January 2022
    December 2021
    November 2021
    October 2021
    July 2021
    June 2021
    March 2021
    January 2021
    December 2020
    November 2020
    October 2020
    July 2020
    June 2020
    May 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    September 2019
    July 2019
    June 2019
    March 2019
    February 2019
    May 2018
    March 2018
    January 2018
    July 2017

    Categories

    All
    Crypto
    KYC

    RSS Feed

​Facilitating the global allocation of LEI numbers.

​​LEI Worldwide facilitate entity identification in the global financial system, capital markets and private sector. We make the process accessible and simple for Legal Entities to obtain Legal Entity Identifier numbers. By doing this we help facilitate the global allocation of LEI numbers. It is our mission to be the one point of contact globally between Legal Entities & LOU’s and ensuring the LEI becomes the Worlds most important identifier.

Services

Register New LEI
Renew LEI
Transfer LEI
gleif partner

Company

About
Blog
FAQ
lei partners

Support

Contact
Terms & Conditions
Data Protection Policy​
stripe logo
irish funds logo
lei legal entity identifier
                                        © COPYRIGHT 2020. ALL RIGHTS RESERVED.
trustpilot logo
lei registration
lei registration
lei registration
lei registration

 UNITED STATES | DUBAI | GERMANY | NETHERLANDS | UNITED KINGDOM | AUSTRALIA |  BRAZIL | CANADA | FRANCE | SPAIN | HONG KONG | CHINA | INDIA | ITALY | SWEDEN | BVI | MALTA | UNITED ARAB EMIRATES | MEXICO  LUXEMBOURG | SOUTH AFRICA | BELGIUM | SINGAPORE | JAPAN | MAURITIUS | CAYMAN ISLANDS | TURKEY | PORTUGAL | PANAMA | DENMARK | CYPRUS | KENYA | IRELAND | NEW ZEALAND | GREECE | SEYCHELLES
  • Home
  • LEI REGISTRATION
    • Update an LEI
    • Transfer an LEI
  • Resources
    • KNOWLEDGE CENTRE
    • LEI INFO
    • LEI Statistics
    • LEI Data Matching
    • LEI Regions Supported
  • Become a Partner
  • News & Insights
  • Contact