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LEI Worldwide are pleased to present RAMP 2.0 an LEI management platform designed to allow Financial Institutions easily manage LEIs at scale. RAMP allows you to improve your KYC processes, issue and manage clients LEIs while centralising your LEI portfolio and cutting costs by replacing outdated methods.
The Legal Entity Identifier has simplified the process of identifying trade counterparties on a global scale. By using the LEI as a common identifier for all financial entities the processes of KYC, customer onboarding, AML checks and regulatory reporting have become more streamlined and efficient.
In a recent study conducted by McKinsey it was reported that by adopting the Legal Entity Identifier as step in KYC processes it could save the global banking industry between 2-4 billion USD annually.
LEIs help businesses, financial institutions and policymakers to more easily link data sets, improving analysis and supporting better risk assessment. Being able to more easily build a complete picture of a business, by linking its data, could also help small businesses to access finance. We want to extend the mandatory use of LEIs to a wider range of transactions in the future. We will champion the LEI as a globally recognised and unique identifier for all businesses in the UK.
The new EnterpriseLEI platform, with software powered by RapidLEI is a state of the art system which allows your organisation have complete oversight of your entire LEI estate. It allows you to issue LEIs to your clients, automatically renew LEIs and begin using the LEI system for greater security and KYC.
By using LEIs to streamline processes for connecting with internal and external data sources, banks could realise an estimated 14% reduction in client onboarding time. By reducing manual data lookups and enabling straight-through processing across external data sources KYC checks become more streamlined and efficient.
The RAMP platform centralises all of your organisations LEIs, reduces costs and opens the opportunity to use LEIs for KYC and customer onboarding. By using the LEI platform, your company/bank can make the most of the global LEI system.
The customisable platform is flexible to your specific requirements.
Get instant status and reporting on group LEIs. Use the lifecycle filter to zero in on the LEIs needing attention – upcoming renewals, pending actions, yet to be eSigned and more…
Manage LEIs on behalf of your clients.
Our pricelist is valid for both new LEIs and renewals. LEIs require annual renewal, that is why we offer discounts for multi-year registrations.
Customised billing flexible to your preferences:
This data suggests that the LEI is not yet heavily regulated in Brazil. The Federal Revenue of Brazil (FRB) request the LEI for the Corporate Taxpayers Registry. To see a list of LEI mandates by country please click here.
With the LEI quickly being adopted as the leading business identifier globally, the number of LEIs in Brazil is expected to rise quickly. Currently, most companies in Brazil use the identifier allocated to them by the National Companies Registry (Junta Comercial), and there are around 28,500,000 companies registered in Brazil.
A Legal Entity Identifier (LEI) is a 20 digit code that is unique to a legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company. A mass adoption to the LEI in Brazil could bring much transparency to Brazils vast economy and industrial sector.
We explore the LEI concept further in our recent post What is the Legal Entity Identifier?
In Brazil, the tax authorities (Federal Revenue of Brazil) request the LEI from certain legal entities. The final beneficiary of applications to the Brazilain corporate taxpayer registry (CNPJ) is to supply a Legal Entity Identifier code. The final beneficiary is the person who has significant or legal control of the legal entity/company e.g Director, CEO.
Obtaining a Legal Entity Identifier code is a simple process. The LEI application form only takes a few minutes and any representative of the company may apply on behalf of the entity.
Step 1: Click on the ‘Register New LEI’ button here or visit the homepage of this website. To begin, fill out your contact details as the applicant. This information will be used to contact you in case any additional information is required.
Step 3: The next section ‘Level 2 Data’ gives you the opportunity to report parent company information.
For example, if your company is a branch of a larger organisation, or is owned by another company you may have that information appear on the LEI record. However, this is not a legal obligation. If you wish to report a legal parent company, please note that you will be requested to provide evidence of this relationship by way of Consolidated Accounts (i.e an annual report).
You may only report parent information if the parent company consolidates the accounts and the subsidiary is listed there.
Step 4: The final section allows you to upload documentation relevant to your application.
When an LEI application is submitted, the data is cross matched with what is on the relevant local companies registry.
If however the company cannot be found, or the data does not match the registry, we may request that you provide supporting documentation. Some good examples include a document from ASIC, a Certificate of Incumbency, Register of Directors, or a registry extract.
A registered company in Brazil for example may with to provide their ASIC registry form as it confirms important company information.
Once the application is submitted, simply choose your preferred payment method and complete the application. LEI Worldwide use our payments provider STRIPE and PayPal. We also offer the ability to complete a bank transfer or swift payment in any currency including Dollars and Brazilian Reals.
A member of the LEI Worldwide team will review the submission upon completion and you will receive your LEI code within a few hours.
If you have any questions please contact info@lei-worldwide.com
To apply for your own LEI or on behalf of a legal entity, please select the option from the buttons below.
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