A Bank of Communications (BOCOM) subsidiary in Shanghai has been named a validation agent by the Global Legal Entity Identifier Foundation, a move that the organisation describes as a milestone in China’s adoption of LEIs.
BOCOM Fintech will use the LEI to smooth cross-border identification, simplify Know Your Customer (KYC) processes and document requirements for offshore businesses, accelerate identity verification and reduce compliance risks, GLEIF said.
China’s own entity-monitoring agency, the Beijing National Institute of Financial Standardization (NIFS), supports BOCOM Fintech’s new status.
“By becoming a validation agent in the Global LEI System, we are better positioned as a FinTech company and aim to contribute more effectively to China’s economic opening-up,” said BOCOM Fintech president Tang Yi. “We are firmly committed to exploring innovative applications of the LEI in anti-money laundering (AML), maritime trade, and cross-border e-commerce, thus promoting digital finance and economic development.”
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