The Global Legal Entity Identifier Foundation (GLEIF) continues to build out the Global LEI System (GLEIS) with the addition of BNP Paribas as a Validation Agent. The addition of BNP Paribas marks the first global systemically important bank (G-SIB) headquartered in the EU to join the Validation Agent programme. Most recently, the GLEIF added Nord vLEI as the first European GLEIF Qualified vLEI Issuer, and a second Validation Agent in both China and India.
The Validation Agent programme has been live for over two years and there are now more than 15 Validation Agents operating around the world. The framework was developed to enable banks and other regulated institutions to use their know-your-customer (KYC) and client onboarding procedures to help clients obtain LEIs.
Goulven Charlès, CDO at BNP Paribas Corporate & Institutional Banking (CIB), says: “Assuming the role of Validation Agent marks our commitment to promoting greater trust and transparency between global businesses. As part of our continuous data efforts, we are deploying the LEI, thereby delivering value for our clients and across BNP Paribas CIB.”
Stephan Wolf, CEO at GLEIF, adds: “The Validation Agent role was designed to offer a multitude of benefits to any financial institution that engages corporate clients. Both BNP Paribas and its clients will benefit from enhanced client onboarding and lifecycle management processes. In addition to the value derived from the role, BNP Paribas has a clear opportunity to evolve how LEIs are used, both in response to compliance mandates, and more broadly to facilitate greater transparency between organisations around the world to support the fight against financial crime.”
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