GLEIF and Open Ownership Collaborate to Boost Corporate Ownership Transparency.

Posted on October 6, 2023 by Editor

The Global Legal Entity Identifier Foundation GLEIF and Open Ownership have joined forces to introduce Legal Entity Identifiers (LEIs) into datasets that are in line with with the Beneficial Ownership Data Standard.The primary goal is enhancing transparency in corporate ownership and control in support of secure, faster payments.
Open Ownership provides transparent beneficial ownership data, to tackle corruption and reduce investment risk, with records for over 9.6 million companies.

The partnership aims to accurately connect beneficial ownership data with other critical information that can be mapped globally though the LEI, such as company filings, licensing data, and sanctions lists.

Stephan Wolf, CEO of GLEIF, emphasised the significance of the open data initiative in the global fight against financial crime. He stressed that high-quality, electronically accessible company data is vital to combat illicit finance, uncover hidden risks in financial markets and supply chains, and prevent the criminal misuse of companies, especially as businesses increasingly automate their operations.

Wolf highlighted the LEI’s pivotal role as a data connector, enabling efficient matching of critical data sets. With LEIs now connected to beneficial ownership information and various other datasets, their value has grown, especially in facilitating cross-border and instant payments.

Read the full press release here.

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