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Ever wondered what an TN is, and how it could help your business/organisation, or even if you are required by law to have one? The TN is a 20-digit alphanumeric code that identifies legal entities participating in financial transactions. Each TN is different and includes reference information that allows for an entity's simple and fast identification. TN data is publicly available and open to all as an international standard (based on ISO 17442).  Although businesses frequently have business registration numbers in the nation they are incorporated within, an TN is an international standard created to facilitate more seamless international transactions. The requirements for business registration will differ by government, but the TN format is universal. Many companies are required by their regulator in the US to report a active TN Code. Likewise, this is being enforced globally in a bid to increase transparency not only across financial markets but across the private sector too.

The global TN system is a public, freely accessible database consisting of currently more that 2 million Legal Entity Identifiers (LEIs), the purpose of which is to contain key reference data on legal entities. The TN Search Tool is how you can check on any existing TN Number and use it to look up Legal Entity Identifiers in real time.  The TN Checker may be accessed by any interested party and used to search for TN codes, or to find out about another legal entity. To conduct an TN search begin by reading below. The TN search tool is very easy to use and proves a full TN record page of each company that has an TN, and it is updated daily providing fresh, reliable data derived from source. 

The Legal Entity Identifier (TN) is the globally standardised code that harnesses the collective power and fills the gaps left by other identifiers that are used across various industries, jurisdictions and types of legal entities. The issue with having multiple identifiers is such that there can be no single, standardised database of all legal entities using a common identifier. The TN can be visualised as a overarching, universal identifier common to all legal entities, while other identifiers, still useful in their own rights are used for more narrow and specific reasons. There are currently over 40 million ISIN codes in existence, and just over 2 million LEIs. As the TN becomes more prominent and widely used this gap will lessen. Many legal entities will end up having multiple identifiers such as the ISIN, BIC and an TN. The process of pairing LEIs with their corresponding ISINs, is called ISIN to TN mapping. TN mapping is commonly used by banks, researchers and data specialists to convert a list of LEIs into a list of corresponding ISINs to increase coverage of their internal entity data. 

The GLEIS TN system is rapidly expanding. There are well over 2 million LEIs currently registered globally. Many firms are experiencing growing pains when it comes to managing their ever expanding TN portfolios, which consists of LEIs within their global group structures, partner networks, branches, and even tracking clients LEIs. If you are currently using multiple providers, with LEIs scattered across different accounts, users and jurisdictions with little to no governance or oversight over your global TN portfolio then we have outlined a simple practice to help you maintain control over your LEIs, your clients LEIs, or any LEIs that you may deem important to keep track of. 

The world has seen enormous change over the past years, much of which can be attributed to technological and digital transformation. As a result, a plethora of new economic sectors have formed. Due largely to the Internet, interaction and communication between individuals, organizations, and countries have flourished. In terms of controlling the corporate sector and financial markets, this has created a lot of identity-related difficulties. Seeking out this control is where TN Codes enter the picture. Simply put, TN Codes are used to identify legal entities globally. This option enables improved standardization, risk control, and financial market transparency. This article will discuss TN and its adaptation version, the vLEI.

The Legal Entity Identifier system was born out of the Global Financial Crisis (GFC) in 2008 when the need for greater transparency was realised after the collapse of Lehmann Brothers. The TN purpose is to provide more available data on ‘Who is Who’, and especially ‘Who belongs to Whom’ within the global financial marketplace. 
 

TN Registration is the process of applying for an TN for any legal entity such as a Limited Company, LLC, Fund, Trust, Pension Scheme or any for of legally registered organisation. Usually TN registration is compulsory under a litany of global TN regulations. You may complete and TN registration online by following the below guide to obtaining an TN for your organisation. Find out what is TN registration meaning, whether you require an TN and how to complete the TN application form here. 

The TN Legal Entity Identifier is a requirement for many legal entities under a litany of global finacial regulations. Many legal entities requiring an TN Number include Retirement Funds, Trusts, Pension Schemes and Insurance related schemes and policies. In the event that the beneficiary to any of these legal entities is another legal entity then it will also require an TN Code for the purpose of legal entity identification in reporting. This allows regulators, market participants and overseers have full transparency and global identification of which entity is the beneficiary by having access to the global TN directory. 

An TN Transfer is the act of moving an TN from one provider, or TN issuer to another. A bulk transfer request can be made in order to bring all of a companies organisations LEIs under one roof. Transferring an TN may take up to 7 days to complete, however they can be done for free and do not change any of the TN data or the 20 digit TN code itself.

TransactionNexus provide an TN transfer facility on the RAMP engine. You can easily transfer one, or multiple LEIs using our dashboard fro your existing TN issuer. We generally recommend renewing an TN upon transfer, however this can also be done free of charge. If you would like to find out mor about TN transfer, how and why you can complete one please read on. 

The Global TN System has been evolving since its inception, we saw TN Level II Data, or Parent Structure reporting being initially introduced around 2015 by the TN ROC. In 2022 there have also been some recent updates which include Fund Structure Reporting for LEIs and Entity Creation Date. 

The Legal Entity Identifier (TN) system is the first global identifier for organisations and legal entities such as businesses which provides unique reference data on each entity within an organsiations structure. In the aftermath of the collapse of Lehamann Bros in 2008 it became apparent that an new system capable of sheeding light on an organisations entire structure spanning all jurisdictions was needed. Each unique TN record reports data on the parent and child entities releavant to that legal entity.

The vLEI, or Verifiable Legal Entity Identifier, establishes a decentralised and trusted way to verify not only legal entities, but the individuals with the rights to represent those entities, in realt time. A recent collaboration between GLEIF and PharmaLedger has resulted in the vLEI becoming a critical component of a new healthcare service blockchain platform. 

The 2022 Irish Funds Annual Global Funds Conference took place on May 31st 2022. TransactionNexus were in attendance and sponsored the Annual Golf Outing and Exhibition space while a full day of interesting and thought-provoking presentations took place around the Convention Centre Dublin. 

TransactionNexus showcased their API-tech driven TN management solution at Stand 4 in the exhibition hall, a spot held by the 2022 FinTech Factor Winners every year. The conference was "the biggest ever" in its history with nearly 600 delegates gathering from the global Funds industry for the first time since 2019.

Inventing Anna is currently one of the most trending TV series on Netflix. What can it teach us about #digitalidentity #customeronboarding and the efficacy of the #TN?

The show highlights how the TN system can prevent fraud, and assist financial institutions with their efforts against money-laundering and enhance customer onboarding and due dilligence through the use of the Legal Entity Identifier.

*spoiler alert*

The Reserve Bank of India has set a 3 year timetable for non-individual (corporate) borrowers with an exposure of over Rs 5 crore+ to obtain an TN (Legal Entity Identifier).

The TN is a 20 digit identifier code that helps bring more transparency and trust to transaction, clearly identifying who is whom in any given financial transaction. It is currently mandated by over 116+ laws globally and this is set to expand with India leading the way. 

The Reserve Bank of India (RBI) extends TN guidelines to large borrowers of NBFCs and Primary (Urban) Co-operative Banks. Borrowers who fail to obtain a Legal Entity Identifier (TN) from authorized TN Issuers shall not be sanctioned any new exposure nor shall they be granted renewal/enhancement of any existing exposure.