UBO Service has become the first FinTech Validation Agent in the Global Legal Entity Identifier Foundation (GLEIF) system

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UBO Service, the pioneering Ultimate Beneficial Owner (UBO) data capture solution provider, announced an extension to their strategic partnership with RapidLEI, Ubisecure’s world-leading Legal Entity Identifier (LEI) service.

UBO Service announced its partnership with Ubisecure in February 2021, enabling UBO Service to add the RapidLEI LEI issuance solution to its streamlined UBO declarations offering. With this latest collaboration, UBO Service is the first Fintech provider to become an approved Validation Agent by Global LEI Foundation (GLEIF) as a RapidLEI Validation Agent (VA) under the LEI Everywhere program. UBO Service will be equipping the financial services industry and other obliged entities with the tools to make them more efficient than ever before, whilst future-proofing their compliance needs.

UBO Service will enable obliged entities to register LEIs faster and with even less friction for current and future regulations like the 5th and 6th EU Anti Money Laundering Directives and the Corporate Transparency Act. UBO Service customers look for cost-effective, sustainable solutions to financial crime risk detection and investigation. LEI Everywhere will allow UBO Service to accurately automate LEI issuance and enrich customer due diligence (CDD) and enhanced due diligence (EDD) data quality and accuracy.

The Validation Agent framework enables banks and financial institutions and Certificate Authorities, Trust Service Providers, FinTechs, and KYC Service Providers – like UBO Service – to leverage existing KYC & AML workflows and enhance legal entity identity data. This reduces duplicative processes, thus reducing the costs of KYC- and customer onboarding processes and enabling new revenue streams for VAs. With RapidLEI as the partnering LEI issuer (LOU – Local Operating Unit), VAs benefit from the RapidLEI platform’s automation and integration into local business registries to ensure accurate, up-to-date entity identification information.

UBO Service Managing Director, Ben Cronin, commented:

“By becoming the first FinTech provider to become a Validation Agent UBO Service can deliver a faster, uninterrupted customer experience. Using LEIs and legal entity reference data in our AML/UBO reports will enhance our clients’ CDD obligations. Digitally tying an entity to a legal declaration continues our ethos of implementing valuable data lineage and provenance to our solutions. Providing the type of onboarding experience regulators demand and customers expect. The opportunity to purchase an LEI at the same time as an AML report also means that customers trading through brokers can provide everything they need to start trading as fast as possible.”

Paul Tourret, Corporate Development Officer for Ubisecure & RapidLEI, said:

“As we drive forward with the huge potential of LEIs, we’re excited to be at the cutting edge of new LEI use cases and delivery mechanisms. The VA model and LEI Everywhere brings new opportunities to use LEIs in KYC, AML and UBO solutions, alongside regulatory requirements and other initiatives. UBO Service is doing exciting things in the AML space, so we’re very happy to advance our partnership further to innovate on new uses of the LEI.”

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