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    GLEIF Adds Validation Agents, Develops Tool to Standardize Legal Forms

    November 08, 2022

    The Global Legal Entity Identifier Foundation (GLEIF) expanded its validation agent network by adding two new validation agents within the Global Legal Entity Identifier (LEI) system. The new validation agents are Sparkasse Bank Malta plc and Diligencia. Dilligencia is a UK-based leading provider of corporate intelligence and due diligence solutions in the Middle East and Africa while Sparkasse Bank Malta plc is a European bank offering corporate and private banking, investment, and custody services. With these two additions, the number of Validation Agents globally increased to more than 10, spanning Africa, China, Europe, India, the Middle East, and North America. GLEIF, in collaboration with Sociovestix Labs, also developed a machine learning tool to automatically detect and standardize legal forms.

    GLEIF collaborated with Sociovestix Labs to develop a machine learning tool that recognizes an entity’s specific legal form and automates the assignment of its corresponding Entity Legal Form (ELF) code. The new tool will allow banks, investment firms, corporations, governments, and other large organizations to retrospectively analyze their master data, extract the legal form from the unstructured text of the legal name, and uniformly apply an Entity Legal Form (ELF) code to each entity type, according to the ISO 20275 standard. The "ELF Code List" is based on the ISO standard 20275 "Financial Services – Entity Legal Forms" and assigns a unique alpha-numeric code of four characters to each ELF.  J.P. Morgan has tested the new machine learning tool and is evaluating its integration into the data pipeline.

     

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    Keywords: International, Banking, Insurance, Securities, Regtech, Machine Learning, LEI, Validation Agent, Reporting, Legal Forms, GLEIS, ELF Code List, GLEIF

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