Last updated: April 8th, 2026
A Legal Entity Identifier (LEI) is a unique 20-character alphanumeric code, issued under the ISO 17442 standard, that identifies legally registered organisations, including companies, funds, and financial institutions, participating in financial transactions and regulated activities worldwide.
Introduced by the G20 to improve transparency and trust in global markets, the LEI number connects organisations to verified reference data and helps regulators, financial institutions, and counterparties clearly identify the legal entities they are dealing with. Today, millions of LEI numbers are used worldwide across regulations in financial markets, payments, compliance, and digital identity initiatives.
RapidLEI is the world’s largest GLEIF-accredited LEI Issuer. Most LEIs are issued within minutes.
What does LEI stand for?
LEI stands for Legal Entity Identifier. It is a 20-character ISO 17442 alphanumeric code issued to legally registered entities such as companies, funds, financial institutions, and public sector bodies.
An LEI number does not identify individuals. It identifies organisations participating in regulated or cross-border activities, providing a consistent and globally recognised identity regardless of country or jurisdiction. The terms LEI code, LEI number, and Legal Entity Identifier all refer to the same thing.
Why was the Legal Entity Identifier created?
The Global LEI System was created in response to the global financial crisis of 2008 to address a fundamental problem: regulators and market participants could not reliably identify which legal entities were involved in financial transactions. Before the LEI number existed, different countries and markets used disparate identifiers, some local, some proprietary, leading to confusion when entities operated across borders.
By introducing a single global identifier, the LEI enables:
- Greater transparency in financial markets
- Improved risk monitoring and regulatory oversight
- Faster identification of counterparties
- Reduced operational and compliance risk
Today, the Legal Entity Identifier is recognised as a foundational component of trusted organisation identity and is referenced in over 300 global regulations.
What does an LEI number look like? A Legal Entity Identifier example
An LEI number is always exactly 20 characters long – a fixed-length alphanumeric string structured according to the ISO 17442 standard. Here is a real LEI code example:
529900T8BM49AURSDO55
This is the LEI number for Ubisecure, the parent company of RapidLEI, verifiable in the Global LEI Index. Each Legal Entity Identifier follows the same fixed structure:
| Characters | Position | Meaning |
|---|---|---|
5299 | 1–4 | LEI Issuer prefix: identifies the issuing LOU |
00T8BM49AURSD0 | 5–18 | Unique entity identifier assigned to the legal entity |
55 | 19–20 | Checksum digits for validation |
What does an LEI code represent?
Each LEI is linked to a reference record containing verified reference data about the legal entity, referred to as Legal Entity Reference Data (LE-RD), including:
- Official legal name
- Registered address
- Country of formation
- Registration authority and company registration number
In addition, the LEI contains relationship data that can describe parent and subsidiary structures, helping to deliver transparency across complex corporate groups.
Who needs a Legal Entity Identifier?
LEI numbers are required or strongly encouraged for a wide range of organisations, including:
- Companies and corporate groups
- Banks and financial institutions
- Investment funds and asset managers
- Subsidiaries and special purpose vehicles
- Certain public sector and government entities
Whether an LEI number is mandatory depends on regulation and jurisdiction. LEIs are increasingly required for any organisation engaged in regulated, financial, or cross-border activities or payments. Over 300 regulations globally reference the Legal Entity Identifier as a required identifier.
How is a Legal Entity Identifier used in practice?
LEIs are used across a growing number of real-world scenarios:
LEI numbers in financial markets and reporting
Legal Entity Identifiers are widely required for regulatory reporting under market regulations and transaction reporting regimes, including MiFID II, EMIR, and Dodd-Frank.
LEI numbers in payments and transaction monitoring
LEI numbers help improve transparency and fraud prevention in cross-border and high-value payments by clearly identifying the organisations involved.
LEI numbers in AML, KYB and sanctions screening
The Legal Entity Identifier provides a reliable organisational identifier that supports customer due diligence, Know Your Business (KYB), sanctions screening, and ongoing monitoring.
LEI numbers in trade finance and supply chains
LEI numbers are increasingly used to identify trading partners, improve data quality, and reduce fraud in complex global supply chains.
Legal Entity Identifier regulatory requirements
Regulators around the world reference or mandate LEIs to improve transparency and oversight. LEIs are used in over 300 global and local regulatory frameworks covering financial markets, payments, and anti-financial crime initiatives.
Examples of regulations and standards naming the use of Legal Entity Identifiers includes:
- US: The Commodity Futures Trading Commission (CFTC, part of the Dodd-Frank Act), SEC Securities Exchange Act, Paperwork Reduction Act, U.S. Customs and Border Protection (CBP)
- EU: Instant Payment Regulations (IPR), Digital Operations Resiliency Act (DORA), Crypto-asset filing requirements (MiCA), Markets in Financial Instruments Regulation (MiFIR), European Securities and Markets Authority (ESMA), European Market Infrastructure Regulation (EMIR). Learn more: LEI in the UK
- Asia: Reserve Bank of India initiatives, Securities and Exchange Board of India (SEBI), People’s Bank of China: Five-Year Plan for Financial Standardization, Financial Investment Services and Capital Markets Act (FSCMA) of Korea
- Standards: ISO20022 Open Global Standard for Financial Information (including Bank of England’s adoption of LEI in CHAPS), ISO 17422 Application in Digital Certificates for Trust Service Providers
While requirements vary by jurisdiction, LEIs are commonly required where accurate identification of legal entities is critical to managing risk and compliance.
Read more in the LEI Regulations spotlight section.
Is a Legal Entity Identifier required globally?
The LEI system is global, but whether an LEI number is mandatory depends on local regulation and activity type. In some regions and use cases, LEIs are required by law. In others, they may be non-mandated but expected as a best practice for cross-border business and compliance.
Organisations operating internationally often choose to obtain a Legal Entity Identifier even where it is not strictly mandatory, to support smoother transactions and regulatory readiness across complex trade borders.
Who issues Legal Entity Identifiers and how does the Global LEI System work?
LEI numbers are issued within a global governance framework overseen by the GLEIF (Global Legal Entity Identifier Foundation). LEI numbers are issued by accredited organisations known as LEI Issuers or Legal Operating Units (LOU) which are responsible for validating entity data and maintaining data quality standards.
This governance model is unique, and this level of oversight and regulation ensures that LEI data is reliable, consistent, and globally trusted.
Each unique LEI number is published in the Global LEI System (GLEIS) database. LEI Search services access the database to look up an LEI number or Company and link to identity reference data about the organisation on a global scale, across borders.
Read more: What is the GLEIF?
What is an LEI Issuer?
An LEI Issuer, also referred to as a Local Operating Unit (LOU), is an organisation accredited by the GLEIF to register, validate, and maintain LEI codes on behalf of legal entities. Only GLEIF-accredited LEI Issuers can issue valid LEI codes that are published to the Global LEI System.
LEI Issuers are responsible for verifying the entity data submitted during registration against authoritative sources such as national business registries, and for ensuring that data remains accurate through the annual renewal process. Without an accredited LEI Issuer, an organisation cannot obtain a valid LEI code.
RapidLEI has been a GLEIF-accredited LEI Issuer since 2018 and is the largest LEI Issuer globally. For a full list of accredited LEI Issuers worldwide, see: List of accredited LEI Issuers
How long is an LEI number valid and why must it be renewed?
An LEI number is valid for one year from the date of issuance or last renewal. Annual renewal is required to ensure that the legal entity reference data remains accurate and up to date. Some LEI Issuers, like RapidLEI, offer multi-year LEI registration.
If an LEI number is not renewed, it becomes lapsed and may no longer be accepted for regulatory reporting, payments, or financial transactions.
The cost of registering a Legal Entity Identifier varies by LEI Issuer. You can find full details of costs used by RapidLEI on the LEI Price page.
LEI vs other organisation identifiers
The LEI number complements, rather than replaces, other organisation identifiers such as company registration numbers or tax identifiers. While national identifiers are issued locally and vary by country, the LEI provides a single, globally recognised identifier that works across borders and systems.
| Identifier | What it identifies | Issued by | Geographic scope | Typical use |
|---|---|---|---|---|
| Legal Entity Identifier (LEI) | Legal entities (companies, funds, institutions) | GLEIF-accredited LEI Issuers | Global | Regulatory reporting, payments, AML/KYB, cross-border transactions |
| Company registration number | Legal entity | National business registry | Country specific | Company incorporation and local legal identification |
| Tax ID (e.g. EIN, TIN) | Tax-paying entity | National tax authority | Country specific | Tax reporting and administration |
| DUNS number | Business entity | Private provider | Global (commercial) | Credit risk, supplier assessment |
| BIC / SWIFT code | Financial institution | SWIFT | Global | Identifying banks in payment messages |
LEI vs BIC/SWIFT code
The most common point of confusion is between an LEI code and a BIC (Bank Identifier Code, also known as a SWIFT code). A BIC identifies a specific bank or financial institution for the purpose of routing payment messages within the SWIFT network. A Legal Entity Identifier identifies a legal entity, which may be a bank, but also a company, fund, or any other registered organisation, for regulatory reporting, counterparty verification, and compliance purposes.
The two identifiers serve entirely different functions and are not interchangeable. In ISO 20022 payment messaging, both may appear: the BIC routes the payment, while the LEI number identifies the legal entity behind it. You can look up the LEI number linked to a BIC code using the LEI Search tool.
For a detailed comparison of business identifiers and when each is used, see our in-depth guide: Comparing Organisation Identifiers
The future of the Legal Entity Identifier and digital identity
The Legal Entity Identifier has evolved beyond its original regulatory role and is increasingly recognised as a foundation for trusted organisational digital identity. At RapidLEI we consider the LEI to be the only regulated KYB verification available globally.
How to get a Legal Entity Identifier
Obtaining an LEI involves submitting legal entity information to an accredited LEI Issuer like RapidLEI. It’s a fast and automated process with RapidLEI. Most LEI numbers are issued within minutes. For more information, learn how to get an LEI.
RapidLEI has been a GLEIF-accredited LEI Issuer since 2018 and operates globally.
Frequently Asked Questions about the Legal Entity Identifier
What does LEI stand for?
LEI stands for Legal Entity Identifier. It is sometimes referred to as an LEI code, LEI number, or LEI registration number, all of these terms refer to the same 20-character identifier issued under ISO 17442.
What is a Legal Entity Identifier used for?
A Legal Entity Identifier is used to uniquely identify legal entities: such as companies, funds, banks, and other organisations involved in financial transactions, regulatory reporting, payments, compliance processes or global trade. Over 300 regulations globally reference the LEI number as the required identifier for legal entities.
How many characters is an LEI code?
An LEI code is always exactly 20 characters long. It is an alphanumeric string following the ISO 17442 standard, consisting of a 4-character issuer prefix, a 14-character unique entity identifier, and a 2-character checksum.
What is the difference between an LEI number and an LEI code?
There is no difference. LEI number, LEI code, LEI registration number, and Legal Entity Identifier all refer to the same 20-character identifier. The terminology varies by region and context but the identifier itself is identical.
What is an LEI Issuer?
An LEI Issuer (also called a Local Operating Unit or LOU) is an organisation accredited by the GLEIF to issue and maintain LEI codes. Only GLEIF-accredited issuers can issue valid LEI codes. RapidLEI is a GLEIF-accredited LEI Issuer and the largest LOU globally.
Who needs a Legal Entity Identifier?
Any organisation that participates in regulated financial activities, derivatives trading, cross-border payments, or is subject to regulations such as MiFID II, EMIR, EU Instant Payments Regulation or any of the related many regulations will typically require an LEI. Individuals do not need or qualify for an LEI, because LEI codes are issued only to legal entities.
Is an LEI mandatory?
Whether a Legal Entity Identifier is mandatory depends on the jurisdiction and the type of activity. Under MiFID II and EMIR in the EU and UK, an LEI number is required before regulated transactions can proceed. Under the EU Instant Payments Regulation, an LEI number is required for legal entity payees. Many other regulations globally reference the LEI as a required identifier. Even where not strictly mandatory, an LEI number is increasingly expected as standard practice for organisations engaged in cross-border or financial activity.
How do I get a Legal Entity Identifier?
You obtain a Legal Entity Identifier by registering with a GLEIF-accredited LEI Issuer. The process involves providing your organisation’s legal details, which are verified against an authoritative registry. With RapidLEI, registration is automated and most LEI numbers are issued within minutes. See: How to get an LEI number
How long does an LEI number last?
A Legal Entity Identifier is valid for one year from the date of issue or last renewal. It must be renewed annually to remain active. A lapsed LEI may not be accepted for regulatory reporting or transactions. RapidLEI offers automated multi-year registration to reduce renewal admin and lapse risk.
What is the difference between an LEI and a BIC/SWIFT code?
A BIC (SWIFT code) identifies a bank for routing payment messages. An LEI number identifies a legal entity for regulatory and compliance purposes. They serve different functions and are not interchangeable, though both may appear in ISO 20022 payment messages simultaneously.
Video: an introduction to Legal Entity Identifiers
Watch this short video to learn more about LEIs and see how RapidLEI can help your organisation register an LEI: