GLEIF Confirms J.P. Morgan as First Validation Agent in the Global LEI System
The Global Legal Entity Identifier Foundation (GLEIF) this week announced J.P. Morgan has become the first validation agent in the Global LEI System.
The Validation Agent Framework, announced by GLEIF in September 2020, enables financial institutions to improve their customer experience, accelerate client lifecycle management and reduce costs by using ‘business-as-usual’ know-your-customer (KYC) and anti-money laundering (AML) onboarding procedures to facilitate LEI issuance for their clients.
J.P. Morgan and LEI issuer Business Entity Data B.V. (BED), a wholly owned subsidiary of The Depository Trust & Clearing Corporation (DTCC), have together issued the first LEI under the new validation agent model, via BED’s GMEI Utility service.