CounterpartyLink adds hierarchy profiles to legal identity service
An example of corporate hierarchy structure [Click to ENLARGE]
The CPL Hierarchy Profile offers a single view into the often complex make-up of legal entities, in particular, into how large institutions are structured and how they are connected to each other. It provides complete clarity of the entire group structure, as needed for compliance regulation and is essential to achieve the key objectives of risk aggregation.
James Redfern, managing director, CounterpartyLink said: “CPL Hierarchy Profile is fundamentally what the GLEIF is looking to introduce at the end of this year as it incorporates the LEI, where certified. However CPL goes beyond this narrow remit by covering any entity from almost any jurisdiction globally, the majority of which do not and will not have an LEI.”
Financial institutions need accurate client information as a key requirement not of good business practice, but for compliance with Know Your Customer and Anti-Money Laundering regulations. CPL enables customers to certify the accuracy of their entity data and ensure reporting is both correct and monitored for updates over time – something the FCA and other regulators mandate – and shortens the workflow processes for its customers, and therefore increases efficiencies, reduces costs and raises compliance levels. Every extra day that a customer takes to ‘on-board’ a new client is potentially a day of client fees lost.
