In the era of increasing digital transactions and global business relationships, Know Your Customer (KYC) processes have become critical for all businesses involved in international trade. But how can you easily verify the identity and authenticity of business entities in other countries?
BIMCO’s Chief Digital Officer, Grant Hunter, spoke to Nuria Vegas of the Global Legal Entity Identifier Foundation (GLEIF)- Watch their discussion below:
In conclusion, adopting LEIs and VLEIs could benefit businesses working in international shipping, helping to streamline KYC processes, prevent fraud, and enhance transparency in global transactions. Whether it's for KYC checks, supply chain optimisation, risk management, or improved business identification, Legal Entity Identifiers could provide a simple, standardised and cost-effective solution to these challenges.
