Introduction of Legal Entity Identifier for Cross-border Transactions - As on Feb 07, 2023

Chapters / List

1. Should an AD bank obtain a valid LEI for transactions less than INR 50 crore even if the customer has not done any transaction of INR 50 crore or above on or after October 1, 2022?

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2. Is it mandatory to obtain and validate the LEI of the non-resident counterparty as well? Does the stipulation of reporting LEI for all transactions of an entity, irrespective of transaction size, once the entity has obtained an LEI number apply for non-residents as well?

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3. Is it mandatory to obtain LEI in case of transactions to and from a non-resident’s account with an AD bank in India?

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4. Does the responsibility to obtain LEI lie with an AD bank acting in the capacity of a correspondent bank?

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5. Is there any specific field in the SWIFT message where LEI needs to be captured?

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6. For transactions involving three parties (e.g., merchanting trade transactions), the AD bank has to obtain LEI for which party/ parties?

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7. In case of non-fund facilities such as Letter of Credit, guarantee, etc., should the LEI validation be done at the issuance stage itself?

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