Central Securities Depository Of IRAN

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KESHAVARZI BANK; ANOTHER ENTITY IN MONEY MARKET TO USE CSDI'S E-KYC SYSTEM TO IDENTIFY, AUTHENTICATE CLIENTS

Keshavarzi Bank starts using CSDI's home-grown electronic KYC system to identify and authenticate its clients.

A ceremony to celebrate the launching of a joint electronic channel between Central Securities Depository of Iran and Keshavarzi Bank was held on Monday 18 May, 2020 with CSDI CEO, Hossein Fahimi, and Chief Executive Officer of Keshavarzi Bank, Ruhollah KhodaRahmi, in attendance.

Based on the joint plan, Keshavarzi 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.

In an address to the gathering, the CSDI Chief said, "Keshavarzi Bank is among the pioneer banks to work closely with the capital market, because not only do they take advantage of the CIGS, but they could also previously have used Keshavarzi Bank brokerage firms to buy and sell securities."

He said the CIGS is considered to be the gateway into the capital market for the stockholders, adding "The system is designed to serve several infrastructural services such as dividend distribution, holding electronic General Meetings." 

Later on, the CEO of Keshavarzi Bank, Ruhollah KhodaRahmi, told the ceremony, "I hope we can add to more online services we are already offering to both the community of Bank Keshavarzi customers and those of the capital market such as the CIGS."

He went on to say that, "We are trying to offer services to our customers everywhere all around the country. Almost 500 branches of Bank Keshavarzi will soon use the CIGS to authenticate customers nationwide."

Currently, 900 branches of brokerage firms, 3,210 government electronic service offices and hundreds of branches of banks are using the CIGS as their e-KYC system.

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 stakeholders 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 over and over.

Release Date: 2020-05-18