BANKING AFFAIRS

Detailed explanation-1: -The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions.

Detailed explanation-2: -What is a LEI code? The Legal Entity Identifier is the International ISO standard 17442. LEIs are identification codes that enable consistent and accurate identification of all legal entities that are parties to financial transactions, including non-financial institutions.

Detailed explanation-3: -Ans. The Legal Entity Identifier (LEI) is a 20-character alpha-numeric code used to uniquely identify parties to financial transactions worldwide. It has been implemented to improve the quality and accuracy of financial data reporting systems for better risk management.

Detailed explanation-4: -An LEI is a G20 endorsed, globally verifiable unique identity code. The LEI code contains a record with information about a company such as its identity and group structure. The LEI is currently being adopted as the single most important identifier in the global financial ecosystem.

Detailed explanation-5: -LEI is a 20-digit unique code to identify parties to financial transactions worldwide.