Answer:
The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code, to uniquely identify legally distinct entities that engage in financial transactions. The Regulatory Oversight Committee (ROC) is a group of over 70 public authorities from more than 40 countries established in January 2013 to coordinate and oversee a worldwide framework of legal entity identification, the Global LEI System. LEIs are issued by "Local Operating Units" (LOUs) of the Global LEI System. You do not have to obtain it at account opening. It is an optional line.
----------------------------
Learn more about Deborah's webinar Opening Entity Accounts (updated for the new CDD rules)
print
share