SHAHR BANK; SECOND ENTITY IN BANKING NETWORK TO USE CSDI'S E-KYC SYSTEM TO IDENTIFY, AUTHENTICATE CLIENTS
Shahr 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 Shahr Bank was held on Tuesday 4 February, 2020.
Based on the joint plan, Shahr 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 his address to the gathering, Director of Organizational and Planning Affairs of Shahr Bank, Jaber Hosseini, said from now on the CIGS KYC system will be used for all the customers across all the branches of the bank.
Expressing the significance of CSDI's CIGS as an infrastructure system in the Iranian capital market, Mr. Fahimi emphasized: "Considering the anti-money laundering and terrorism financing laws and the guidelines for identifying customers in the financial and investment markets, all the capital market players who have a trading account must be registered in the system and complete the identification process."
He noted that thanks to the system facilities, clients are no longer obliged to refer to identification centers repeatedly.
Hosseini went on to say that CIGS is accessible to customers online via the website introduced by CSDI or the official website of Shahr 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: 2020-02-04