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| 2 Sep 2017 | |
| Reports |
The Data Foundation and LexisNexis® Risk Solutions have co-authored a report, Who is Who and What is What? The Need for Universal Entity Identification in the United States. The report outlines the need for the U.S. government to adopt a universal method of entity identification in order to verify companies, nonprofits, and other organizations using a single, common unique identifier. More than 15 government, private sector, and tech experts were interviewed for this report.
The solution to this need already exists: the global Legal Entity Identifier (LEI), which is already used by over 90 government agencies around the world. The LEI is a standard, non-proprietary, verified identification code that is managed by a global, federated system. It already enjoys support from major players in the financial industry.
Implementation of the LEI across all U.S. government reporting would have a range of benefits for industry, governments, watchdogs, and, ultimately, taxpayers. The LEI would create a single electronic view of all legal entities, knit together from their existing government reports - bringing transparency for investors, efficiency for regulatory agencies, and lower costs for the entities.
