The LEI code can be used to verify that the organization is an active legal entity.
Verification specialists to use qualified independent information sources e.g. Hoovers or Dunn & Bradstreet to find the main switch board phone number.
Verification that the person appointed to this role is employed by the organization and has the right to perform.
Verifying that the Applicant organization is an active and legal entity. Automated check of the organization name, business id and status is done against GLEIF database.
Requestor accepts the Vorna ID Subscription Agreement and Consent Forms.
Verification specialist will search a qualified independent information sources to find the place of business address and main switch board phone number.
In Finland The Business Information System YTJ and on an international level from official approved registries like Hoovers and Dunn & Bradstreet is used.
Verification specialist will check that the person appointed to this role is employed by the organization.
Verification specialist also verifies that Contract Signer/Authorization Contact approves Requester (technical administrators) to the user management admin role.
Verification specialist will verify that the director/manager level person who has been appointed to Higher Authority/Contact Person role is employed by the organization and has the authority to authorize other persons to their roles.
Verification checks are done using official publicly available registries.
The Legal Entity Identifier (LEI) is a 20-digit, alphanumeric code that connects to key reference information that enables clear and unique identification of companies participating in global financial markets.
The publicly available LEI data pool can be regarded as a global directory, which greatly enhances transparency in the global marketplace.
More information on the process for collecting data on direct and ultimate parents of legal entities is available here.
LEI issuers – also referred to as Local Operating Units (LOUs) – supply registration, renewal and other services, and act as the primary interface for legal entities wishing to obtain an LEI.
Only organizations duly accredited by the Global Legal Entity Identifier Foundation (GLEIF) are authorized to issue LEIs.
The LEI is based on the ISO standard 17442 developed by the International Organization for Standardization.