Central Securities Depository Of IRAN

background

 

COMPREHENSIVE INFORMATION GATHERING SYSTEM

 

 

Investors today have high expectations. They expect a streamlined, efficient, and personalized onboarding experience. Financial institutions that lack a thoughtful and integrated onboarding process miss the opportunity to strengthen relationships with their clients. And many investors leave the market as quickly as they joined, seeking a better and more reliable investment experience from competitors.

 


At Central Securities Depository of Iran, we believe that when we get investor onboarding right, we should focus on four overarching objectives:

 


1. to improve the investor experience
2. to protect their capital through thoughtful compliance
3. to enhance efficiency and profitability
4. to mitigate market risks

 

Onboarding technology and processes serve multiple masters:

 


​• The business wants to attract and grow relationships profitably while operating efficiently and effectively.

​• The customer wants secure and convenient access to an important asset - their money.

​• The regulator wants to confirm compliance with rules and regulations designed to secure the financial system and protect consumers.

 


CSDI has developed a process named Comprehensive Information Gathering System (CIGS) that helps address a number of fundamental components in the country's capital market. The totally indigenous electronic system is a sophisticated infrastructure which provides a wealth of value-added services to shareholders and – on a broader perspective - to the whole capital market.

 


CIGS aims to contribute to the principle of transparency in the capital market, since all market players need to register and fill out the relative forms "once and for all". Therefore, from then on, they will have access to all the services and entities in the capital market needless of registering again and again.

 


Each of the components the newly-launched KYC-based system offers has the potential to make a significant impact alone or as part of a broader plan.

 


Increased cost efficiencies
CIGS eliminates the use of paper and increase the use of workflow software.

 

Tangible operational efficiencies
CIGS's streamlined and automated end-to-end process delivers complete KYC records to best-in-class industry standards.

 

Accelerated onboarding
CIGS saves time and reduce duplication of effort with its centralized platform and pool of complete, verified KYC records, and private documentation.

 

Improved client experience
CIGS minimizes clients’ need to provide documentation thanks to the motto of the mega project which is "Register Once and for All". Its operational model allows the client to submit applications, track application status, receive alerts, and upload documents.

 

Enhanced regulatory compliance
CIGS's high quality KYC record output, dynamic monitoring of client data, and changes to regulation ensure the whole capital market hold up to date information on its participants. The system centralizes regulatory oversight and compliance processes to check adherence and compliance nationwide.

 


Although CIGS may appear as an example of conventional KYC program, its unique features that have overcome the deficiencies in its counterparts worldwide make it as outstanding as it is. For instance, a surprising number of financial institutions are still heavily reliant on inefficient paper-driven processes that create duplication, breed errors, and introduce privacy concerns. But CIGS has even adopted e-signatures to fully convert paper-driven processes into digitized ones in a bid to leave no stone unturned.

 


CIGS has started out with its KYC and anti-money laundering (AML) goal as primarily understandable and clearly needed.

 


Since CIGS, is agile, user-owned, standard and supported by digital technologies, it will continue to be a fundamental ground for distributing the dividends to investors, registration of investment funds and a way forward toward electronic general meeting (e-GM) management systems.