GLEIF and the Netherlands Chamber of Commerce (KVK) Collaborate to Enable Instant Due Diligence

03 December 2024 – Basel – The Global Legal Entity Identifier Foundation (GLEIF) today announces a new initiative with the Netherlands Chamber of Commerce (KVK) to provide global data users with direct access to the official registry data contained within Legal Entity Identifier (LEI) records, helping to streamline due diligence and bring increased transparency to global transactions.

Every LEI links to a verified company identity record held in the Global LEI Index, an open, globally recognized data bank that is free for all to access. Each LEI record contains key reference information registered by local authoritative sources to enable the clear and unique identification of legal entities globally. The new ‘linking’ initiative adds a dedicated URL to the LEI records of entities registered by KVK, providing direct access to the official registry data and associated information products on the KVK website.

The initiative stands to significantly streamline Know Your Customer (KYC), Know Your Supplier (KYS) checks and other due diligence obligations, as an organization’s registry data on the KVK website is now immediately available to any counterparty across the world via the Global LEI Index. This removes the requirement for global data users to initially confirm KVK as the relevant registration authority, identify and navigate to the correct website, translate into local language, and then manually search for an organization using its business registration number.

Local businesses in the Netherlands subsequently stand to benefit from increased discoverability and identifiability globally. This is particularly beneficial for small and medium enterprises (SMEs) looking to expand into new markets.

Alexandre Kech, CEO, GLEIF, comments: “Business registries play a crucial role in promoting transparency across the global economy but finding and effectively corroborating information about local organizations—particularly SMEs—can prove challenging. By simplifying access to authoritative information about businesses in the Netherlands, our collaboration with KVK is promoting increased trust and transparency across the broader economy. This marks an important step forward and reflects wider opportunities for business registries across the world to leverage the LEI as a central data connector.”

Cindy Lourens, Director of Registers, KVK, comments: “This new initiative is a simple, elegant solution that promises to help global data users more effectively connect the dots. Any business registered in the Netherlands can now use their LEI as a ‘global passport’ to help facilitate cross-border payments, transactions and trade, with the confidence that their organization is instantly discoverable, and that key reference information is immediately available to any counterparty across the world.”