CounterpartyLink has announced a three-year agreement to provide legal entity data to Northern Rock plc in Newcastle upon Tyne.
Northern Rock has chosen CounterpartyLink for its ability to provide the firm 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.
As the leading supplier of global legal entity data, 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.
Uniquely, 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 of 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," said David Morrison, Assistant Director of Treasury Control and Compliance at Northern Rock.
Christoph Lammersdorf, Managing Director of CounterpartyLink, said, "We are pleased to be working with Northern Rock, who are taking an ongoing proactive approach in maintaining legal entity data for compliance and business performance. As regulatory requirements around client and counterparty data become more complex and conttinue to expand, we look forward to continuing to support Northern Rock with its strategy."