All About The Legal Entity Identifier: A Mandate Of The Future!

20 November 2019

Legal Entity Identifier is an alphanumeric, 20-character code developed by the International Organization for Standardization. Abbreviated as LEI, this code contains information on the company’s ownership structure and provides answers of ‘who is who’ and ‘who owns what.’

It gives a unique identification of all legal entities (organization, company, firm, trust, fund, and government body) that are participating in any financial transactions.

The complete LEI system is operated and maintained by GLEIF (Global LEI foundation), and the right to issue LEIs is only given to the few organizations.

It All Started With Wrigley’s:

In 1974, when the grocery industries were pleading for the development of barcode, many companies proposed their proposals to bring them. Considering this, the UPC was introduced, which became the first code to be scanned on Wrigley’s Chewing gum.

Later, to end the one-dimensional (UPC) barcode, which only contains 20-alphanumeric codes, Denso Wave (a Toyota’s subsidiary) invented Quick Response (QR) codes. QR codes are a two-dimensional system that focuses on rapid scanning and is widely used by today’s marketers to streamline processes.

Legal Entity Identifier (LEI) Came In Existence – 2011

The LEI was developed by the G20 (an international organization with 20 major countries) in 2011 to track all financial transactions in national jurisdictions. The need for LEI came when regulators were suffering from financial crises, and there was no unanimous code to make successful financial transactions.

The difficulties in identifying transaction details and calculating the risk amount bring LEI into existence. The first (LEI) legal entity identifiers database was issued in December 2012.

Structure Of Code:

Technically, the Legal Entity Identifier is represented as ISO 17442. It contains 20-character alphanumeric numbers with the first four characters showing the LOU, Local Operating Unit. The other 5-18 characters are an alphanumeric string, which organizations assign. And, the last two characters are called checksum digits.

Process Of LEI:

The companies that need a Legal Entity Identifier should contact the respective organizations that provide LEIs. They then have to provide the necessary information and the fee. The issuing body will then provide LEI after cross-checking all details. Things like registration of the business, information about other connected companies, etc. are verified before giving LEI. Some other things, which the issuing body will assure, are:

A country where the entity was formed
The registered address of the legal entity
Any legal or official name of the entity (if any) that is present in the records
The Unique code of representing countries and their connected company’s
Data of the first LEI assignment, date of the last information update and it’s an expiry date

Why LEI Is Important:

LEIs reduce the risks associated with financial transactions. With them, you can easily measure the total risk involved in trading.
It minimizes the overall cost of reporting tasks, cost of information gathering, and other administrative costs.
LEI help in enhancing market transparency as with a unique code, it is easy to detect the frauds and other manipulations in the market.

Who Should Need LEI?

Organizations, corporations, and other entities that are involved in the financial transactions need LEI to recognize all entities and funds involved in the transactions. If you are any of the following, you can register for LEI:

A non-profit organization
Registered Company or Registered Subsidiary
A business having a distinct identity
A trust or Funds

LEI In Business And In Payment Systems:

To have clear business identification and to make transparent financial transactions, business needs a unique code called LEI. LEI also helps to minimize the cost and the speeding process of transactions, improve data sharing, and more. Furthermore, in trading (direct and indirect payments), LEI ensures that the correct information is used to transfer funds.

LEIs not only ensure transparency and safety in the global market, but also provide maximum compatibility and safe business.

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Notary Business – 5 Ways To Earn Extra Money

There are many ways to earn extra money. It could be from being a notary or even from other types of businesses. You can even do something as simple as officiating weddings. This article will tell you all about these different opportunities. Here Are Five Prime Ways To Earn Extra Money: 1. Signing Agents Notary Signing Agents help facilitate signings of real estate and loan closings. They are independent contractors. Their fees range from $75 to $200 per loan closing. If you are considering starting your own notary business, you need to determine the best way to make money. Most states have rules on notary fees, so it's important to know what the going rates are in your area. You might be interested to know that notaries can also make more money by specializing in different services. Some of these include providing courier services and performing field inspections. Notary jobs are an easy way to make money in your spare time. You can work in your own home or even travel to clients' offices. Whether you work on a regular basis or just for one client at a time, you can expect to make a decent salary. Many individuals and businesses benefit from having a commissioned notary on their payroll. The average notary earns $16,000 to $90,000 a year. However, the opportunity to start your own notary business can be overwhelming. Start your business by networking. Joining a local chamber of commerce is a good place to start. This will give you credibility. Be sure to attend ribbon-cutting ceremonies and trade events. It's also a great idea to take a notary training course. Whether you want to get certified to perform online notarizations or I-9 forms, you can find courses that will make you a competent signing agent. Starting your own notary business can be a lot of fun and exciting. You can make a lot of money and gain valuable real-life experience. Plus, a successful business is better than any extra job you can find. 2. Officiating Weddings Becoming a wedding officiant is an excellent side business to earn some extra money. Although weddings are generally confined to weekends, you can find work during the week. If you live in a popular area, you can be on the lookout for local couples and use word of mouth to promote your services. It's also a good idea to build up a website for your business. You'll want to research local laws to ensure your business is legal. For instance, some states require you to register with your county government and have a license to perform marriage ceremonies. The cost of this will vary depending on your geographic location and the number of guests at the ceremony. Your state will also require you to obtain a license to notarize. Some states do not specify the fee, while others require a minimum amount. In some cases, you may be required to pay for travel time. Becoming an officiant is usually a straightforward process, but you should be sure to check with your county clerk's office. Otherwise, you may be subject to hefty fines. You may want to consider attending ribbon cutting and other events where you can showcase your work. This will increase your credibility and help you get more business. A great way to market your wedding officiant service is to create a website. While it doesn't need to be a complex site, you should include your photo and videos of you performing a wedding. Consider joining a local chamber of commerce, as well. Another great idea is to attend wedding fairs. These events can be a good place to advertise your business and have the opportunity to meet and greet many brides and grooms. 3. Mobile Service If you want to make money on the road, a Notary business can be a great option. However, starting a mobile notary business can be a daunting task. You will need to consider many factors, such as vehicle maintenance, business expenses, insurance, and tax reporting. Mobile Notaries can work part or full-time. Some can earn up to $900 a month while others are making over $12,000 per month. Depending on your location and the type of clients you work with, your income can vary. Aside from working as a notary, you may also have the opportunity to perform other non-notary duties such as fingerprinting, courier services, field inspections, or escrow services. Be sure to follow all state laws regarding the use of a mobile notary service. You will need to apply for a license and register your business. The business may also require an employer identification number (EIN). Creating a personal website can be a great way to market your Notary business. You can also use social media to promote your service. Another great idea is to attend networking meetings and ribbon-cutting events. Getting involved in the local chamber of commerce adds credibility to your business. If you're considering a career as a notary, you will need to provide a high level of customer service. Developing a positive attitude is key to your success. The demand for mobile notaries is projected to rise through 2021. This means that you will have plenty of opportunities to earn extra income. However, you will need to be prepared to take on challenges along the way. This means investing in software solutions such as this App for Notaries in order to simplify and streamline the document signing and notarizing processes and sticking to your business plan. In fact, one survey found that nearly two-thirds of full-time mobile Notaries earn between $2,000 and $4,000. Nearly thirty percent of part-time Notaries report earning more than $1,000 a month. 4. Chamber Of Commerce Getting involved in your local Chamber of Commerce is a good way to promote your notary business. You can reach potential clients by advertising on your member's websites or by submitting materials to their newsletter. Notaries are in demand, so getting involved with your chamber can be a great way to boost your business. The chamber's mission is to promote business and generate more business activity for your community. Notaries can network with other members of their chamber and other professionals in the community. Using social media to spread the word about your notary services is also a good idea. Notaries can get involved in leadership positions in their local Chamber of Commerce. In addition, volunteering can help you build your business and keep you connected to the community. Attending ribbon-cutting events and other business events is a good way to attract new clients. Networking events are also fun ways to meet new people. Building your referral base is a major factor in your success as a business owner. When you have contacts, you can provide quality service and encourage others to use you. Adding additional services to your notary business is a great way to increase revenue. Make sure your website and notary business are professional. A good website will provide an overview of your company's history and services. Be sure to take advantage of all available networking opportunities. These can include attending events, joining notary professional organizations, and contacting other businesses. Also, volunteer at local charities and schools. It is important to remember that a good attitude is key to your business' success. Start by creating a simple website. This can be done for less than $1,000. 5. Insurance Notary services are a great way to earn some extra money, and they can be very lucrative. The key is to offer a service that people need and make sure that they know about you. Aside from notary signs and signatures, there are many other ways to generate business. You can advertise your services, volunteer to be part of a local leadership group, and participate in networking events. While you’re at it, you should also set up a website. This is a great place to list all of your services and a good place to start. If you’re looking to grow your business, you should also look into SEO. With the right strategy, your site can appear closer to the top of search results for relevant terms. Taking the time to create a business plan will help you to understand the market better. Your plan should include an overview of your business, its target demographics, and how you will reach customers. For this, you can use automated ap processing, where you can enhance your company’s workflow and offer brilliant service and accuracy in managing accounts and payslips. Read Also: Need Some Help Saving Money As A Young Professional? Use Mycare To Learn How To Budget! 10 Ways To Earn Money From Your Mobile Device Craigslist Knoxville – 5 Money Scams To Consider

6 Ways to Get the Best Deal from Your Licensed Moneylender

One thing you need to know is that a moneylender can refuse to lend you money. This happens due to various reasons. In most cases, people's financial requests are denied due to the fact that they don’t qualify. Every Licensed Moneylender has its own requirements. So it will only make sense if you assess yourself in relation to the moneylender's requirements. You need to make sure you know where you stand as a borrower. However, this is not all. Sometimes, you need to prove to your moneylender that you deserve a better deal. This might be hard if it your first time. There are many ways you can make your borrowing experience better and get a good deal. Some of these ways include: Different Ways You Can Get The Best Deal From The Licensed Moneylender Are As Follows:- Different Ways you can get the best deal from licensed money lenders are as follows. Some of the core factors are as follows:- 1. Relationship In life, people have different relationships. However, for any relationship to exist, there must be something common that brings the two of you together. This is the same when it comes to you and your moneylender. How do you expect to get a good deal from a licensed moneylender you haven’t been having a financial relationship with? The most important thing you need to know is that you need to build a good relationship with your moneylender. If it is a bank or any financial institution, try and bank with them. In short, for you to get a better deal, you might have to prove that there exists a relationship between you and the moneylender. The relationship has to do with your financial records. Sometimes these relationships will get you a better deal. 2. Occupation or plan Lending money isn’t as easy as you think. It is a situation where the licensed moneylender chooses to work with you with a lot of trusts that you will pay. They have to trust you to pay back what you owe them on time. Have you ever lent money to your friend and they failed to pay you back on time? How did you feel? That’s why in most financial institutions, they have come up with a rule whereby the borrower needs to prove that he or she has a payment plan. If you expect to get the best deal, then you better come up with a payment plan. If you have a fulltime job, then it will even be easier for you. At least this will prove that you have a payment plan. Sometimes, you might not be employed but you have your own business. In such cases, you should also provide a payment plan that will win your moneylender’s heart. 3. Self-evaluation Do you know yourself when it comes to the personal character? What are your strengths and weaknesses? Every borrower should know their strengths. This is because you might need them so that you get a better deal. Basically, you will have to prove that you are a person of integrity. A person of integrity is honest and trustworthy. You need to prove this so that your licensed moneylender can give you the best deal. The only way you can prove this is by providing them with your repayment history papers. Have you borrowed money before? How long did you take to pay? Have you ever defaulted any payment? Such questions will help you know whether you stand a chance at getting a better deal or not. Any moneylender will hesitate to help a person who has defaulted on payment before. So the stronger your credit score, the better your chances of getting a good deal. 4. Purpose Any money lending institution such as Lending Bee licensed money lender that provides personal loans will be very happy if you walked into their offices knowing what you wanted. Some financial institutions will see that as a sign of someone who is serious. Remember, you want to paint a good image so that you get the best deal possible. This means that you provide the bank with all the information about why you need the money. If you intend to invest the money somewhere, the moneylender would be more than glad to give you a good deal. You can come with investment papers to show the financial institution. 5. Negotiation The other thing that can convince your moneylender to give you a good deal is your ability to negotiate for it. Don't be afraid to negotiate. Negotiating is good because you put your interests as a priority. Basically, all you need to do while negotiating is to make sure your moneylender understands where you are coming from. This doesn't mean that you should lie. Just be honest and you will be amazed at the type of deal honesty will get you. 6. Loyalty You might not be aware, but one thing that can get you the best deal is how loyal you are to your moneylender. You can show your loyalty in many ways. The most obvious way is by telling your money lender how many years you have been using the institution. If you have been around for long, the better for you. The many years can prove your commitment and loyalty to the moneylender. This way, you will be able to get a better deal. Read Also: Ways That You Are Wasting Money On Marketing How To Make Money With Your Smartphone Don’t Get A Second Job: 10 Unconventional Ways To Make Money

Unveiling The Dark Side Of Trading: Exposing Binary Options Scams And Ensuring A Secure Future

It is quite normal to have an extra cushion in life in the form of financial freedom. When you have enough money, your life becomes more comfortable. You have the freedom to buy the things that you desire most. And it is not a crime to dream big. Many seek an alternative source of income to supplement their income. There are several ways one can achieve this, and the stock market is one such place. Many have invested in the stock market and have made substantial profits. Considering the current economic situation, the need for this extra cushion is ever greater. The rising food prices, the Fed's increasing interest rates, and declining job prospects have raised concerns among many Westerners. As more and more people explore the possibilities of making a quick buck, scammers are just around the corner, waiting for them to make a mistake and get scammed in the process. Several scammers will impersonate stock brokers or brokerage firms; there are also some firms whose license to practice trading has expired or been revoked due to some legal issues. Thus, you, as an investor, need to be careful not to fall for such scams. The binary options trading scam is one such financial fraud that has engulfed many victims in its path. Binary Option Trading Before we understand the nature of the scam, let us first understand what binary options trading is. It is a type of contract between the broker and the client where the payouts entirely depend on the outcome, such as "yes" or "no." The price trend of a financial asset like a stock is considered, and a wager exists between the broker and the client that in the next five minutes, the price trend of that particular stock will either increase or decline. The one who loses the wager pays the winning amount to the winner. For example, a $100 wager between the client and broker is that the price of X stock, which is trending at $45 per share, will rise or fall. The one who loses the wager pays off the winner. Such wagers are instantaneous, and unlike other types of options available in the financial market, there is no way the client can avoid paying the losing bet. The contract ends when the stimulated time ends, and the loser pays the winner. Binary Option Scams Well, if binary options trading is so simple, you have a 50% chance of winning the bet, and you might think, "What could go wrong?" Well, for one, the trading platform that scammers offer their clients to download is rigged. The rigging is achieved in two ways: either the entire platform is rigged or there is a delay in the data that is streamed. Generally, the trading platforms offered by brokers or brokerage firms relay real-time data on price fluctuations in the stock market. The trading platform provided by Binary options scammers could cause a delay in the data streamed by the stock market. Thus, scammers know in advance about the price moment and can thus ensure that every bet that is placed is in favor of the scammer. In the second way of scamming the victims, scammers provide their victims with a completely rigged trading platform. In this case, the real-time data is not streamed from the stock market; rather, it is completely controlled by scammers. How do scammers keep their victims enticed? Scammers are smart; they know that if they keep on winning every time, their victims will lose interest and stop playing their "rigged game." Scammers will ensure that their victims initially win, thus promising a false sense of security that they have the "ability to win big." Thus, once these scammers start investing more, they start to lose. They invest more because they are afraid of losing money. The false sense that "this is the last bet, the one bet that will recover all the lost money," makes them invest more while increasing the amount on successive bets. A few genuine brokers and brokerage firms allow binary trading; they are regulated and certified by the regulatory authority, which ensures clients' interests are protected. How to spot bogus brokers or brokerage firms offering binary options services? Among all the complaints that are being received by the SEC, or Securities Exchange Commission, there are three common categories where victims were ripped off. 1. Denying reimbursement or paying off clients Once clients have opened trading accounts with scammers, they will deposit their money into their trading accounts. As and when the clients are falsely encouraged by the scammers to invest more to win more. Once these clients have had enough of the losses or wish to withdraw their winnings from their accounts, these scammers will not allow their clients to withdraw. Since these Binary options scammers are based in another country, there is little that these clients can do apart from calling their customer service center, which will eventually block their contact numbers. 2. Identity Theft Under the guise of providing binary options services, scammers will collect all the sensitive data from their victims. These scammers will collect their social security numbers, bank account numbers, credit card details, passports, driver’s licenses, and so forth. 3. Rigged trading platform Many clients who fall victim to bogus brokers or brokerage firms finally admit that they have fallen for a scam where they suspect that the trading platform was rigged. They also stated that the time left until the expiration of the winnings may be extended arbitrarily until the trade ends in a loss. Final thoughts The United States has legalized binary options trading, and as mentioned earlier, there are a few genuine brokers and brokerage firms regulated by regulatory authorities that are either private or government-owned. Since almost all brokers and brokerage firms advertise and can be contacted online, researching these firms is a must to avoid falling for binary options scams. Use caution if any broker or brokerage firm is offering binary options services at competitive prices. It's possible that they are scammers. Regulatory authorities offer protection against scams and fraud; they protect the interests of clients of a broker or a brokerage firm. So when a broker or brokerage firm goes rogue, these regulatory authorities ensure that the client's interests are protected. Always check that the online broker or brokerage firm is authorized and protected by a renowned private regulatory body or a government-owned entity. The binary option scam has also engulfed the cryptocurrency market; thus, be cautious if a binary option is offered in the crypto market. Read Also: 6 Ways To Make Sure Your Finances Are Seamless The Future Of Digital Currencies: 7 Things We Can Expect In 2022 Crypto Staking: Locking Up Crypto Holdings To Earn Interest

All About The Legal Entity Identifier: A Mandate Of The Future!

It All Started With Wrigley’s: