Legal Entity Identifier Code
An LEI (Legal Entity Identifier) code is a 20-digit alphanumeric identifier used globally to identify legal entities involved in financial transactions uniquely.
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Table of Content
- Legal Entity Identifier Code
- LEI Code Meaning
- Structure of an LEI Code
- Purpose of LEI Registration Code
Legal Entity Identifier Code
An LEI (Legal Entity Identifier) code is a 20-digit alphanumeric identifier used globally to identify legal entities involved in financial transactions uniquely. LEI register helps improve transparency and reduces the risk of financial fraud by ensuring that each entity’s details are easily accessible and consistently recorded in financial markets worldwide. Each LEI registration Code provides key reference information that enables clear and unique identification of legal entities participating in financial transactions, such as their name, location, and information concerning the company structure.
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LEI Code Meaning
Structure of an LEI Code
- Characters 1-4: These always represent the identifier of the Local Operating Unit (LOU) that issued the LEI.
- Characters 5-6: These are always set to '00'.
- Characters 7-18: These characters are unique to each entity and differ from one LEI to another.
- Characters 19-20: These are check digits used for LEI verification purposes.
Purpose of LEI Registration Code
The primary purpose of an LEI – Legal Entity Identifier code is to enhance transparency and improve risk management in the global financial system. By providing a unique identifier for each legal entity that engages in financial transactions, the LEI Code helps to ensure that entities can be easily and distinctly identified worldwide, facilitating more accurate and efficient tracking of financial transactions. This, registering and obtaining the LEI certificate registration, helps the entities for a quicker identification globally.
