Exchange Data International (EDI) and CounterpartyLink have joined forces to provide an integrated data service, designed to save financial institutions time and money and help them comply with anti-money laundering (AML) and know your customer (KYC) regulations. Under the agreement, clients will be able to receive EDI's premier corporate actions and reference data linked to and supplemented by legal entity data provided by CounterpartyLink.
Financial institutions need accurate, consistent and complete reference data so they can increase efficiency through straight-through processing and shorten the settlement cycle. They also must have quick access to corporate actions announcements that can affect securities holdings. To this end, institutions worldwide depend on high-quality international securities administration reference data from EDI.
But EDI's reference data becomes even more powerful when combined with CounterpartyLink's legal entity data service. CounterpartyLink provides clients with cleansed, auditable and continuously updated legal entity reference data from corporations, funds and fund managers, financial institutions and governments.
CounterpartyLink centers located in the U.S., China, Romania, Egypt and India collect the data from public primary or secondary sources such as company registry authorities, regulatory organizations and stock exchanges. Then it is verified and maintained using rigorous, documented processes and procedures that comply with current regulations.
Issuer and complex legal hierarchy data are monitored continuously for corporate actions and other changes that might have an impact on investors' portfolios. The names of the parents and subsidiaries, as well as the ownership classification of the entities, are also included in the data set.
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