Do I Need and Legal Entity Identifier
LEIs are required for any client that is looking to trade or participate in financial transactions. The LEI is a 20 character alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO).
The purpose of this code is to help identify legal entities on a globally accessible database which is constitute purely of companies or government entities participating in financial transaction, excluding individual people. Each LEI database entry contains information about an entity’s ownership and thus answers to questions of KYC. The publicly available LEI data pool can be regarded as a global directory of non-individual participants.
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