What LEIs are doing to make digital identity happen
Director of the Directorate for Legal entity identifiers (LEIs) began as a G20-mandated solution to a problem uncovered by the financial crisis of 2007-08: the difficulty banks had in identifying their true counterparty in a transaction, and the systemic risk this created. Since the first meeting of the Global LEI Foundation (GLEIF) in Zurich in June 2014, digital identity has emerged as a potential solution to another problem: the mounting cost of KYC, AML, CFT and sanctions screening checks. Since corporates need identities just as much as individuals, the affinity between LEIs and digital identities are certainly suggestive. But are they more than that? Dominic Hobson asked Stephan Wolf, CEO of GLEIF.
Questions that are being asked