J.P Morgan has become the first validation agent in the Global LEI system. The validation agent framework which was introduced in September 2020 by The Global Legal Entity Identifier Foundation (GLEIF) in order to increase LEI adoption by accelerating client lifecycle management and reduce LEI registration costs by using existing KYC and AML techniques to replace existing entity validation steps in the LEI issuance process.
J.P Morgan, in partnership with Business Entity Data B.V. (GMEI Utility a service of BED B.V.) have together issued their first LEI. The framework is based on the fact that globally important financial institutions and banks such as J.P Morgan are trusted data sources and are therefore perfectly positioned to verify their customers data to an existing LOU who may then proceed to have an LEI issued, thereby removing a time consuming but necessary step in the LEI issuance process.
Working as a validation agent will allow us to improve our client onboarding experience as well as create valuable industry LEI reference data" - George Brandman, Managing Director, J.P Morgan
The views expressed in this blog belong to LEI Worldwide.