SEPAH BANK STARTS IDENTIFYING CUSTOMERS VIA CSDI'S E-KYC CIGS SYSTEM
SEPAH Bank starts using CSDI's home-grown electronic KYC system to identify and authenticate its customers.
A ceremony to celebrate the launching of a joint electronic channel between Central Securities Depository of Iran and Sepah Bank was held on Sunday 17 May, 2020 at one of the branches of the bank.
Based on the joint plan, Sepah 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 audience, the Chief Executive Officer of CSDI, Hossein Fahimi, said in recent months we have been witnessing huge welcome among the people who wished to enter the capital market inside the country.
Fahimi hailed people’s trust and entrance into the capital market, and added: “Investors hope to see their capital be invested on growth and productivity as well as to resolve the problem of liquidity in the country and we do hope the capital market will definitely provide the financial institutions with the necessary fund."
Addressing the audience, the Chief Executive, said one of CSDI’s priorities is to offer capital market services to bank customers.
Fahimi said CIGS enjoys several characteristics including dividend distribution and the electronic General Assembly Meetings which are among the most significant infrastructural services the system offers.
Later on, Sepah Bank CEO, Khosro Farahi, said "58 branches of the bank are going to start using the CIGS as of today and we hope to increase the number in the near future."
Farahi said, "The Sepah Bank has designated select branches to work specifically in tandem with the Securities and Exchange Organization of Iran to better cooperate with the capital market."
CIGS is a sophisticated infrastructure which provides a wealth of value-added services to stockholders 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 stockholders 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: 2020-05-17