What is ISO 17442 about?
ISO 17442 discusses financial services. ISO 17442 specifies the minimum elements of an unambiguous legal entity identifier (LEI) scheme to identify the legal entities relevant to any financial transaction .
Note: ISO 17442 is applicable to legal entities, which include, but are not limited to, unique parties that are legally or financially responsible for the performance of financial transactions or have the legal right in their jurisdiction to enter independently into legal contracts, regardless of whether they are incorporated or constituted in some other way (e.g. trust, partnership, contractual). ISO 17442 governmental organizations, supranationals, and individuals when acting in a business capacity, but excludes natural persons.
Who is ISO 17442 for ?
ISO 17442 on financial services is useful for:
Financial intermediaries Electrical equipment suppliers
Banks and finance companies
Sole traders
Entities listed on an exchange
Entities that issue equity, debt, or other securities for other capital structures
Entities under the purview of a financial regulator and their affiliates, subsidiaries and holding companies
Governmental organizations
Why should you use ISO 17442 ?
Legal entity identification is an integrated and necessary component of financial services transactions. Entering into business relationships requires “know your customer” processes to be initiated and maintained for the duration of these relationships and any longer-term data retention requirements to be addressed. Parties involved in financial ...