UBO Service to leverage Ubisecure’s LEI Everywhere solution for accelerated AML/KYC processes

LONDON, UK, and DUBLIN, IRELAND – June 29, 2021 – Today RapidLEI, Ubisecure’s world-leading Legal Entity Identifier (LEI) service, and UBO Service, the pioneering Ultimate Beneficial Owner (UBO) data capture solution provider, announced an extension to their strategic partnership.

Ubisecure announced its partnership with UBO Service in February 2021, enabling UBO Service to add the RapidLEI LEI issuance solution to its streamlined UBO declarations offering. With this latest collaboration, UBO Service is the first FinTech provider to become an approved Validation Agent by Global LEI Foundation (GLEIF) as a RapidLEI Validation Agent (VA) under the LEI Everywhere programme. UBO Service will be equipping the financial services industry and other obliged entities with the tools to make them more efficient than ever before, whilst future-proofing their compliance needs.

UBO Service will enable obliged entities to register LEIs faster and with even less friction for current and future regulations like the 5th and 6th EU Anti Money Laundering Directives and the Corporate Transparency Act. UBO Service customers look for cost-effective, sustainable solutions to financial crime risk detection and investigation. LEI Everywhere will allow UBO Service to accurately automate LEI issuance and enrich customer due diligence (CDD) and enhanced due diligence (EDD) data quality and accuracy.

The Validation Agent framework enable banks and financial institutions, but also Certificate Authorities, Trust Service Providers, FinTechs, and KYC Service Providers – like UBO Service – to leverage existing KYC & AML workflows and enhance legal entity identity data. This reduces duplicative processes, thus reducing the costs of KYC- and customer onboarding processes and enabling new revenue streams for VAs. With RapidLEI as the partnering LEI issuer (LOU – Local Operating Unit), VAs benefit from the RapidLEI platform’s automation and integration into local business registries to ensure accurate, up-to-date entity identification information.

UBO Service Managing Director, Ben Cronin, commented, “By becoming the first FinTech provider to become a Validation Agent UBO Service can deliver a faster, uninterrupted customer experience. Using LEIs and legal entity reference data in our AML/UBO reports will enhance our clients’ CDD obligations. Digitally tying an entity to a legal declaration continues our ethos of implementing valuable data lineage and provenance to our solutions. Providing the type of onboarding experience regulators demand and customers expect. The opportunity to purchase an LEI at the same time as an AML report also means that customers trading through brokers can provide everything they need to start trading as fast as possible.”

Paul Tourret, Corporate Development Officer for Ubisecure & RapidLEI, said, “As we drive forward with the huge potential of LEIs, we’re excited to be at the cutting edge of new LEI use cases and delivery mechanisms. The VA model and LEI Everywhere brings new opportunities to use LEIs in KYC, AML and UBO solutions, alongside regulatory requirements and other initiatives. UBO Service is doing exciting things in the AML space, so we’re very happy to advance our partnership further to innovate on new uses of the LEI.”

Learn more about RapidLEI and the LEI Everywhere solution at rapidlei.com/gleif-validation-agents.

Order your LEI now at www.uboservice.com.


About UBO Service

UBO Service offers an innovative new solution for obliged entities to capture accurate Ultimate Beneficial Owner (UBO) declarations in real-time. From start-ups to large corporate entities, we help businesses transform customer journeys, by accelerating their compliance process and reducing their regulatory risk. Our automated service allows you to identify and verify your customers and their Beneficial Owners, in line with your regulatory obligations.

Through an entirely transparent and accessible declaration process, UBO Service provides Beneficial Owner declarations from the most legally authoritative and compliant primary sources in the world on one on-line platform (The UBO Portal) and Application Programming Interface (API).

Add an additional layer of security to your compliance process with a globally recognized Legal Entity Identifier (LEI) or an Identity & Verification (IDV) report. Our comprehensive AML reports gives you the freedom to create tailored corporate and individual identity verification reports for all your KYC requirements. Onboard customers, safely and securely by using a combination of digital, physical, and biometric technology. We offer a robust and effective means for reducing fraud and improving your customer’s digital journey all in one centralized system.

For more information visit www.uboservice.com.

UBO Service is operating under Bear Cart Ltd LEI: 984500774TE1E9886177


About Ubisecure and RapidLEI

Ubisecure is accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue Legal Entity Identifiers (LEI). RapidLEI is a Ubisecure service that automates the LEI lifecycle to deliver LEIs quickly and easily. As of June 2021, over 90,000 organisations have chosen RapidLEI to issue their global organisation identifier. As well as pioneering the LEI Everywhere™ program, the company is a technology innovator and provides Identity & Access Management (IAM) software and cloud services for Customers, Workforce, & Organisation Identity use cases. Enterprises and Governments use Ubisecure IAM solutions to enhance user experience and security through improved registration, authentication, authorisation, and identity data management. Ubisecure also provides solutions to companies maintaining their own customer identity pools (such as banks and mobile network operators) to become Identity Providers (IdP) for strong authentication and federation services.

For more information about Ubisecure visit www.ubisecure.com or rapidlei.com

Ubisecure LEI: 529900T8BM49AURSDO55


This press release also appears on UBO Service’s website.