IRAN'S SADERAT BANK BECOMES THIRD ENTITY IN BANKING NETWORK TO USE CSDI'S E-KYC SYSTEM TO IDENTIFY, AUTHENTICATE CLIENTS
A ceremony to celebrate the launching of a joint electronic channel between Central Securities Depository of Iran and Saderat Bank was held on Sunday 26 April, 2020.
A ceremony to celebrate the launching of a joint electronic channel between Central Securities Depository of Iran and Saderat Bank was held on Sunday 26 April, 2020 with CSDI CEO Hossein Fahimi and Chief Executive of Saderat Bank Hojatollah Seyedi in attendance.
Based on the joint plan, Saderat Bank will start using the novel paperless Know Your Customer (KYC) system, domestically designed and run by CSDI named the Comprehensive Information Gathering System (CIGS), wherein a variety of information concerning identity, contact, bank account, and suchlike of the users are electronically verified.
Addressing the ceremony, the CSDI Chief said: "This marks a boost in all-out cooperation with big financial entities including Saderat Bank which serves capital market players both inside and outside the country."
He referred to a long history of cooperation with Saderat Bank, saying nearly 53 thousand people from this bank has already registered into the CIGS system and hence benefit the services offered to the capital market players.
Fahimi went on to say that "Today, 51 branches of Saderat Bank will start using the CIGS services and this number will increase soon in the coming days."
He hailed the CSDI's Comprehensive Information Gathering System (CIGS) as the gateway into the Iranian capital market where its registrars would receive valuable related services such as dividend distribution in return for submitting their necessary identity information.
Later to the ceremony, Saderat Bank CEO, Hojatollah Seyedi, hailed the bank's joint into the CIGS system. He said exchange-traded funds or ETFs play a significant role in development of investments, market risk management and increase in the number of shareholders. He went on to say that, "The bank will start offering these funds up for grabs as of next week and that's why we have prepared the ground for enthusiasts to apply for trading codes from select branches of our bank."
CIGS is a sophisticated infrastructure which provides a wealth of value-added services to shareholders and – on a broader perspective - to the whole capital market.
The system aims to contribute to the principle of transparency in the capital market, since all the issuers need to register and fill out the relative forms once and for all. Therefor from then on they will have access to all the services and entities in the capital market needless of registering again and again.
Release Date: 2020-05-03