What is the GLEIF Validation Agent (VA) Framework?
The Validation Agent (VA) framework is an approved role in the Global LEI System (GLEIS). It enables FIs, Banks, & Trust Service Providers to leverage and enhance existing validation processes to consolidate traditionally separate workflows for KYC, AML & LEI issuance.
Being a VA empowers FIs to obtain an LEI for a client at the same time, and using the same processes, as the usual client onboarding process. There is no need to engage with the LEI Issuer in a separate, often time consuming, validation process just for the LEI registration. Onboarding and LEI issuance become synchronous.
The VA solution provisions the ability for an FI to request Legal Entity Identifiers on behalf of legal entities AND/OR also to request LEI purely for the benefit of the FI’s internal KYC requirements. VAs can monetize the LEI, as well as use it to realize a variety of cost, efficiency and customer experience benefits by leveraging existing KYC and AML processes.