The Global Legal Entity Identifier Foundation (GLEIF) has announced a new initiative with the UK business registry, Companies House, to simplify and accelerate the international identifiability and discoverability of UK businesses.
By embedding a direct URL link into the Legal Entity Identifier (LEI) records of UK companies, any LEI data user globally can now access that entity’s Companies House registration data and documentation with a single click, streamlining counterparty due diligence processes and bringing increased transparency to global transactions.
The initiative facilitates Know Your Customer (KYC), Know Your Supplier (KYS) checks and other due diligence obligations for any organisation seeking to do business with a LEI-holding limited company registered in the UK. It removes the requirement for global data users to confirm Companies House as the relevant registration authority, identify and navigate to the correct website, translate into local language and then manually search for an organisation using its business registration number. As a result, UK businesses stand to benefit from increased discoverability and identifiability globally. This is particularly beneficial for small and medium enterprises (SMEs) looking to expand into new markets.
Every LEI links to a verified company identity record held in the Global LEI Index, an open, globally recognised data bank that is free for all to access. Each LEI record contains key reference information registered by local authoritative sources to enable the clear and unique identification of legal entities globally.
