Ask European treasurers about the turbulent conditions that they have endured over the past few years and the most likely response is that they will start talking about their bankers. The financial crisis has left scars across the European economies and has fundamentally altered the relationships that bankers have with their corporate clients.
With new rules relating to risk management and investor transparency entering into force in recent years, the ability to precisely define, source and manage legal entity data is reaching the top of the agenda for market participants. The legal entity identifier (LEI) is just one of a number of legal entity data attributes that is fast becoming one of the most important tools for regulators monitoring the build-up of systemic risk.
Greece’s ongoing negotiations with the Troika of the European Union (EU) have renewed political and economic uncertainty across Europe. Corporate treasurers must ask the question – are the PIIGS (Portugal, Ireland, Italy, Greece and Spain) economies simply too risky?
Supporting due diligence professionals in a changing counterparty know your client (KYC) landscape is no small task. In the past, KYC for bank counterparties was largely undertaken within correspondent banking teams.