OpenCorporates Team for Data as a Service Offering
February 14, 2019
Legal & Professional and OpenCorporates started a new collaboration
which adds OpenCorporates legal entity data to the Nexis Data as a
OpenCorporates is a source of global legal entity data, with information
on more than 165 million companies in more than 130 jurisdictions.
OpenCorporates legal entity data is standardized, giving a consistent
view of all registers, and provenanced, providing direct line of sight
to the original source i.e. the company registry itself. Chris Taggart,
CEO and Co-Founder of OpenCorporates, explains, "Legal entities are the
building blocks of business all around the world, having the power to
enter into contracts, and have assets and liabilities, and thus this
data is essential for business."
Providing Crucial data to Risk Management professionals
Identifying the legal entity is a crucial component of Know Your
Customer (KYC), anti-money laundering (AML) and anti-bribery and
corruption (ABC) programs. Without universal access to official company
records (including registries) due diligence is not only more expensive
and difficult, but may not satisfy regulatory requirements.
"Legal entity data tells us the core facts for a company – most
importantly does it exist, what's the type and status when was it
incorporated, who are the directors and what other companies have they
been directors of," notes Taggart.
Helping Companies to enrich data and improve AI
Legal entity data can help companies to gain more value—and business
insights—from big data initiatives and the legal entity provides a
strong foundation. Taggart explains, "When you've got skewed, bad,
opaque or incomplete data going into a technological system, the chances
are low of AI, deep learning or machine learning making sense of it and
coming out with useful algorithms or insights."
When combined with other datasets, such as PEPs and sanctions lists,
Legal entity data can help enhance compliance risk management and find
connections within the data. Legal entity data can also improve the
value of the data that companies hold, by providing additional context.
Increasing visibility of financial crime
The global nature of OpenCorporates data allows journalists, law
enforcement, asset recovery lawyers and others to uncover patterns,
relationships and anomalies that indicate tax evasion, immigration fraud
and other illegal or unethical activities.
Working for transparency
Larsen, President of Nexis® Solutions, a division of LexisNexis Legal &
Professional, says, "We are delighted to join forces with OpenCorporates
because their trusted, provenanced, official company data allows us to
solve more problems for our clients."
He adds, "If legal entity data is widely accessible, it supports
transparency, trust and the rule of law across the world, which fits
strongly with the ethical ambitions of LexisNexis and the RELX Group."
OpenCorporates is a public benefit organization that makes company data
open and accessible to all. This activity is overseen by the
OpenCorporates Trust. Chris Taggart, says, "We are particularly pleased
with this relationship, not just because it will expand the number of
entities using OpenCorporates but because our values around public
benefit, trust and transparency are so closely aligned with those of