Citi's adoption of 700 legal entity identifiers lauded by Financial Stability Board

24 June 2019 9:10pm
Citigroup was singled out by a global watchdog for adopting 700 legal entity identifiers for its units at a time when few other banking giants are opening a window into their overall risk exposure.

Only 6.2 percent of banks worldwide provide their ultimate parents when registering for the 20-digit barcodes intended to help firms identify the potential impact of risks rippling across their entire organization, the Financial Stability Board said in a recent report.

Citi, the third largest US bank by assets, “has a process to keep this data up-to-date for the benefit of their clients, counterparties and other stakeholders,” the report said. “This group also feeds LEI hierarchy information on other entities."