Development of a Global Entity Identification and Compliance Platform for Financial Institutions

The client faces challenges with existing manual and error-prone processes for managing legal entity identifiers involved in financial transactions. Their current system limits efficiency, increases risk of human error, and hampers compliance efforts due to a lack of a centralized, standardized database for entity verification and monitoring.

A mid-to-large financial institution seeking to enhance transparency, risk management, and regulatory compliance through a centralized, web-based entity identification system.

• Automate and streamline the registration and verification of legal entities involved in financial transactions.
• Implement a centralized, global database providing unique and standardized identification codes for entities.
• Enhance transparency, risk assessment, and regulatory reporting capabilities.
• Reduce manual processing time, minimize errors, and improve overall operational efficiency.
• Introduce features such as entity watchlists, expiry reminders, and content management tools to improve user engagement and compliance tracking.
• Integrate with relevant external services for rapid LEI management and access to comprehensive global data, ensuring up-to-date and accurate information.

• Entity Registration and Verification Module: Allow authorized users to apply for and verify unique entity identifiers.
• Global Entity Database: Maintain a centralized repository for standardized identifiers accessible to regulators and market participants.
• Watchlist Management: Enable users to add entities for monitoring their validity and status.
• Expiry Notification System: Send automated reminders for approaching identifier expiration dates.
• Content Pages Builder: Provide admins with a tool to create stylized and informative content pages.
• External Data Integration: Connect with rapid entity management services and global identifier index databases for real-time data retrieval and validation.
• Reporting and Analytics Dashboard: Offer insights into entity status, verification trends, and compliance metrics.

• Global Legal Entity Identifier (GLEIF) Database for comprehensive data access and minimization of human error
• Rapid LEI or similar services for quick issuance and management of entity identifiers
• Payment processing services such as Stripe for handling transaction workflows
• Email and notification services like Mailgun for reminders and alerts
• Web analytics tools like Google Analytics for tracking user engagement

• Scalability: Support growing numbers of entities and user activity without degradation of performance
• Security: Implement strict data protection and access controls, complying with industry standards
• Performance: Ensure low latency for real-time notifications and data retrieval
• Availability: Achieve high uptime (e.g., 99.9%) to support global regulatory operations
• Maintainability: Facilitate easy updates and content management through admin tools

The implementation of this platform is expected to automate manual processes, significantly increase operational efficiency, and reduce errors related to entity verification. It will enhance compliance accuracy and transparency, facilitating regulatory reporting, and improve user engagement through features like watchlists and automated reminders. These improvements aim to lead to faster transaction processing, better risk management, and a strengthened reputation in regulatory adherence.