Global Legal Entity Identifiers are a technical convenience but do nothing to combat bad actors

The quest to assign Global Legal Entity Identifiers (GLEIs) is a misguided effort to assign legal responsibility where none belongs, and ends up making suspicious actors in financial markets look more legitimate. GLEIs have been put forth as a way for the industry and regulators to develop a consistent way to report on who is doing what with whom. This sounds a lot like Know Your Customer – but GLEI and KYC are entirely different problems.
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