Service

A. General Information

1. Title

Global Legal Entity Identifier Foundation (GLEIF) - Global LEI System

2. Implementation period of the project/service:
From
Jun-2014
To
--
3. Website
https://www.gleif.org
4. Geographical coverage
Global: Europe, Asia and the Pacific, North America
Participating countries: Germany, Italy, Switzerland, United Kingdom of Great Britain and Northern Ireland, India, United States of America
Hub Point: Switzerland
5. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
- Financial Stability Board (FSB)
- Group of Twenty (G20)
- LEI Regulatory Oversight Committee (LEI ROC)
Other participating agencies/entities
- International Organization for Standardization (ISO) - developed ISO 17442 standard
- Over 70 financial regulators from 50+ countries (members of LEI ROC)
b. Operational stage
Lead agencies/entities (op)
- Global Legal Entity Identifier Foundation (GLEIF) - headquartered in Basel, Switzerland
Other participating agencies/entities (op)
- 38 accredited Local Operating Units (LOUs) / LEI Issuers including: Bloomberg, Ubisecure (RapidLEI), London Stock Exchange, EQS, WM Datenservice, InfoCamere, KDPW, Legal Entity Identifier India Limited (LEIL)
- Validation Agents (banks
6. Main stakeholders/beneficiaries of the service
Traders (big enterprises)
Traders (SMEs)
Transport
Customs brokers
Customs
Other Government Agencies (OGAs)
Financial institutions, banks, investment funds, regulators, supply chain participants, port authorities
7. Business process category of the service
Commercial Transactions
Forwarding and cargo handling
Transport
Regulatory/official control
Payment
Trade finance, KYC/KYB processes, sanctions screening, regulatory reporting, ESG disclosures

B. Lessons Learned

8. Summary description of the project/service
Brief Summary

GLEIF manages the Global LEI System, providing unique 20-character identifiers for legal entities engaged in financial transactions, enabling transparent entity identification worldwide.

GLEIF

a. Objective(s)

To support implementation and use of the Legal Entity Identifier (LEI) for unique identification of legal entities participating in financial transactions, increasing transparency in global markets and strengthening the fight against financial crime and corporate fraud.

b. Business need for the service (background)

Following the 2008 financial crisis, regulators identified critical gaps in tracing financial transactions and exposures between institutions globally. The G20 and FSB developed the LEI system to create transparency in derivatives markets and enable accurate aggregation of counterparty data across borders.

c. Business process covered*

Entity identification and verification, regulatory reporting, KYC/KYB due diligence, sanctions screening, cross-border payments, trade finance (letters of credit), supply chain verification, ESG reporting, client onboarding, digital signatures and authentication (via vLEI).

d. Overall architecture and functionalities*

Three-tier governance: LEI Regulatory Oversight Committee (policy oversight), GLEIF (operational management), and Local Operating Units/LEI Issuers (direct issuance). The Global LEI Index is a publicly accessible database updated daily. The vLEI extends the system with digitally verifiable credentials using KERI protocol and ACDC specifications for automated identity verification.

e. Relevant document/figure
--
9. Documents and data exchanged via the service

- Legal Entity Identifier (LEI): 20-character alphanumeric code based on ISO 17442 - Level 1 data: Business card information (legal name, registered address, country of formation) - Level 2 data: Relationship data (direct and ultimate parent entities, ownership structure) - verifiable LEI (vLEI): Digitally verifiable credentials for organizations and authorized representatives - Common Data File (CDF) formats for daily reporting by LEI issuers

10. Data models/databases, proprietary solutions, hybrid approaches

ISO 17442 standard defines LEI structure and reference data. Global LEI Index is open-access database. Common Data File formats (XML-based) used for data exchange. GLEIF API provides programmatic access.

11. Main challenges faced during the service

- Slow voluntary adoption beyond regulatory mandates (current population ~2.7 million vs. millions of potential entities) - Low renewal rates in some jurisdictions (global average ~56%) - Need for broader LEI coverage among SMEs in developing economies - Integration with existing corporate identification systems and business registries

12. Lessons learned from the service

- Regulatory mandates drive adoption (300+ regulations worldwide now reference LEI) - Validation Agent model enables banks to issue LEIs during client onboarding, accelerating adoption - Open data access and standardized formats are essential for broad market acceptance - Digital identity (vLEI) addresses need for automated verification in increasingly digital trade environment

13. Main benefit(s) of the service
Enhanced regulatory compliance*
Transaction Cost savings*
Transaction Time savings
Simplified process
Increased trade flow
13A. Elaborations/detailed description on benefits gained
--
14. Technical/financial/capacity building/other assistance

- GIZ (German Federal Government) supported financial inclusion initiative for developing economies - GLEIF Partner Program for stakeholder engagement - Validation Agent program enabling banks to issue LEIs as part of client onboarding - Collaboration with International Chamber of Commerce (ICC) Digital Standards Initiative - Partnership with IOTA Foundation for Trade Worldwide Information Network (TWIN)

15. Future plan for expansion of the service

- Expansion of vLEI ecosystem for automated digital identity verification - Integration with digital trade platforms and customs systems - Partnerships with distributed ledger/blockchain platforms (IOTA Foundation MoU) - Broader coverage across SMEs globally, particularly in developing economies - Enhanced interoperability with national business registries and digital identity systems

16. Other information or relevant references on the service

- LEI is mandated in 300+ regulations across 45+ jurisdictions globally - Bank for International Settlements (BIS) CPMI recognized LEI as equivalent to BIC for identifying entities in payment messages - ICC Digital Standards Initiative recommends LEI for digital trade systems - LEI supports EU regulations including EMIR, MiFID II, SFTR, DORA, AMLR, and ESAP - India made LEI mandatory for entities with credit exposure of INR 5 crore or more - McKinsey and GLEIF White Paper: "The Legal Entity Identifier: The Value of the Unique Counterparty ID" - ICC UK Report: "Scaling the use of digital identities in trade: Legal Entity Identifiers" - FSB Report: "Implementation of the Legal Entity Identifier Progress Report" (October 2024) - GLEIF eBook: "The vLEI: Introducing Digital I.D. for Organizations Everywhere"

17. Relevant document regarding the service
--

C. Relevant Standards

18. Name(s) of any international, national legal instrument underpinning the service
- ISO 17442: Financial services - Legal entity identifier (LEI)
- ISO 17442-2: The LEI in Digital Certificates
- ISO 5009: Official Organizational Roles (for vLEI credentials)
- EU EMIR (European Market Infrastructure Regulation)
- EU MiFID II/MiFIR (Markets in Financial Instruments Directive/Regulation)
- US Dodd-Frank Act
- EU DORA (Digital Operational Resilience Act)
- EU AMLR (Anti-Money Laundering Regulation)
- Reserve Bank of India LEI mandates
19. Electronic message standard
19A. Electronic message standard supporting the service
XML:
- Other XML format: Common Data File (CDF) formats based on ISO 17442
19B. Type of standard for electronic message applied for the service
International standard
20. Technical communication standard
20A. Technical communication standard supporting the service
HTTP, GLEIF API (RESTful), KERI protocol for vLEI, did:webs DID Method
20B. Type of technical communication standard applied for the service
International standard
Industry-specific standard
21. Security-related standards*
21A. Security-related standard supporting the service
TLS (Transport Layer Security) / SSL (Secure Socket Layer)
Digital signatures
Key Event Receipt Infrastructure protocol, Authentic Chained Data Container specification for vLEI, Trust over IP standards
21B. Type of security-related standard applied for the service
International standard
Technical recommendations from international body(ies)
22. Other Technical Information
22A. Interface developed for data exchange with an internal system
- GLEIF API for programmatic access to Global LEI Index
- Web-based search tool for public access
- Common Data File formats for LEI issuer reporting
- ISO 20022 payment message integration (LEI as data element)
22B. Other technical implementation information
- Global LEI Index updated daily with data from all LEI issuers
- Data Quality Management program with monthly quality reports
- Policy Conformity Flag to indicate LEI record completeness
- vLEI uses decentralized verification via distributed ledger technology
- Open data license for unrestricted public access
- Total Data Quality Score maintained at 99.99%

Last Update: 15 January 2026