FB pixel

ISO debuts standard for legal entity organizational roles through digital ID

ISO debuts standard for legal entity organizational roles through digital ID

The International Organization for Standardization (ISO) has created a new standard to recognize official organizational roles in a business entity with digital IDs, which can be used to authenticate the identity of authorized representatives for meeting the KYC and related regulatory requirements of business transactions.

The standard, ISO 5009, is used to verify the identity and position of individuals who represent an organization like a business or company by a legal entity, and is intended for inclusion into current and future digital assets. It achieves this through global uniformity of two kinds of digital assets under the Legal Entity Identifier (LEI) digital ID umbrella: verified LEI (vLEI) and digital certificates embedded with LEIs.

An LEI is a 20-character, alpha-numerical code based on ISO 17442 that links to reference information that identifies legal entities participating in financial transactions. It is a universal identifier that provides answers about the entity’s ownership structure, and ‘who is who’ and ‘who owns whom.’ An individual cannot obtain an LEI, which is where a vLEI can fill in some gaps. Once an entity receives a vLEI, ISO 5009 can issue credentials to authorized members of the organization which covers the LEI, the individual’s name, and official organizational roles. ISO 5009 can specify in a standard way the optional role extension contained in a X.509 public key certificate (a digital certificate used in many internet protocols) with embedded LEIs as outlined in ISO 17442 for digital certificates embedded with LEIs.

ISO says the 5009 standard can function as a structured universal authenticator for the identities of people authorized to act on behalf of an organization. With activities like signing sensitive business documents digitally that demand absolute confirmation of the person’s name and role to ensure security, ISO 5009 holds value, it says.

The role of LEI in know your customer (KYC), know your business (KYB) and anti-money laundering (AML) processes is described in a recent blog post from LEI Worldwide.

The Global Legal Entity Identifier Foundation (GLEIF) first proposed ISO 5009 to bring clarity and structure to the role that information held in the two LEI-based digital tools.

Stephan Wolf, the CEO of GLEIF, says, “The publication of ISO 5009 is a standardization milestone that facilitates a universal approach to the inclusion of official organizational role information in digital ID credentials. This will make it far easier – and perhaps more widely expected – to include role related data in these credentials thanks to a consistent approach. In time, this has the potential for LEI-based digital ID tools to become more widespread thanks to their extended utility; not only can they verify the identity of a legal entity, but they can also verify the identity of that legal entity’s representatives in official organizational roles.”

Article Topics

 |   |   |   |   |   |   |   |   |   |   | 

Latest Biometrics News


Secure Technology Alliance launches template for using mobile driver’s licenses

Get used to the idea of your phone as your driver’s license. The ecosystem for mobile driver’s licenses (mDLs) continues…


Biometric identity verification launches and deals show diversity of approaches

The biometric identity verification market covers a wide variety of sectors and use cases, but the breadth is not just…


Decentralized digital identity is spreading as fresh use cases emerge

A recent post on Forrester’s website, written by VP and Principal Analyst Andras Cser, dips into how travel and mobile…


Cameroon building Digital Transformation Center to manage digital consular services

As part of a process launched last year by the government of Cameroon to modernize its consular services including the…


UK digital visas to fully replace physical immigration documents by 2025

In the UK, the Home Office has announced that it will invite those with physical immigration documents to create a…


iBeta biometric PAD evaluations grow in global prominence

Compliance with biometric presentation attack detection standards has become table stakes for numerous applications of face biometrics in particular, and…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read From This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events