CounterpartyLink has announced a three-year agreement to provide legal entity data to Northern Rock in Newcastle upon Tyne.
CounterpartyLink says Northern Rock preferred its ability to provide the bank with accurate and auditable legal entity data on global client and counterparty entities, as required under current regulatory compliance frameworks.
The data will be initially used in the group treasury department but will also be made available to other departments across Northern Rock.
CounterpartyLink currently provides 94 fields of validated data for each entity, covering name and address details, corporate hierarchy, registration and regulator details and a variety of other standard identifiers, including the SWIFT BIC code.
Every field in CounterpartyLink data records are linked back to an electronically stored original public filing or web page, providing a complete audit trail back to the source for each value displayed. CounterpartyLink’s data is updated on a daily basis for changes as a result of corporate actions and other notifications.
CounterpartyLink will also supply Northern Rock with additional data from its new Version 1.4, which includes an enhanced data set added specifically to support clients with their obligations under the Third EU Money Laundering Directive and MiFID, both of which are due to become law in Europe in November this year.
“As regulatory requirements become more onerous and Northern Rock treasury’s counterparty base continues to expand, both geographically and by business type, CounterpartyLink will play a key role in helping to provide legal entity data,” says David Morrison, assistant director of treasury control and compliance at Northern Rock.
Christoph Lammersdorf, managing director of CounterpartyLink, adds that regulatory requirements around client and counterparty data are becoming more complex, and the relationship with Northern Rock will almost certainly expand.