Central Securities Depository Of IRAN



Bank Parsian 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 Bank Parsian was held on Sunday 26 January, 2020 at the CSDI headquarters.

Based on the joint plan, Bank Parsian 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, welcomed and expressed satisfaction over the first step regarding simultaneous registration and authentication of customers in Bank Parsian using CSDI's CIGS system, saying "since the onset of the project, we eyed the day when capital and money markets can join in to take the utmost out of the capabilities of this system."

Fahimi said: “CSDI is proud of its engineers indigenously designing and launching the huge project welcomed today by various sectors of the market, particularly banks.”

CSDI CEO meanwhile noted that after two years past its launch, registration into the system is happening voluntarily on the side of its users, nevertheless more than 2.7 million customers have so far registered into the system.

Elaborating on the wide range of instruments designed throughout the capital market, Fahimi went on to say that "capital absorption is a priority and the capital market has successfully achieved so while protecting investors’ rights and alleviating their concerns, in one way or another.”

CSDI Chief hailed the company’s Comprehensive Information Gathering System which can facilitate financial activities throughout the country's exchange and banking network by removing red tape.

It should be noted that thanks to the unveiling of the special communication channel between Central Securities Depository of Iran and Bank Parsian, all the customers of this bank and its subsidiaries including Parsian Commercial Bank, Lotus Parsian Investment Bank, Parsian Bank Brokerage Firm, Parsian Electronic Commerce Company, I-GAP Messaging Company, etc. will be connected to CSDI's novel e-KYC system, CIGS.

The event marks the beginning of the goal to expand the KYC system to the other sectors of Iran's financial markets (money market and insurance sector) and will be the pivot of huge developments towards the principle of transparency and customer-oriented services in the financial markets.

At the closing of the ceremony, senior officials from the two sides officially inaugurated the project.

Release Date: 2020-01-26