RECORD NUMBER OF CUSTOMERS SIGN UP FOR CSDI'S E-KYC SYSTEM CIGS
Reports show that the number of people registering into CIGS has reached a record figure some 18 times higher than the reported number this time last year.
Statistics show record number of participants sign up for CSDI's novel e-KYC system aka Comprehensive Information Gathering System (CIGS). Reports show that the number of people registering into CIGS has reached a record figure some 18 times higher than the reported number this time last year.
During the first 25 days into the new Persian New Year which falls on March 21, 2020, some 651,959 registered into the CIGS system and hence the total number passed four million and 300 thousand.
On the 25th day alone, CSDI reported 100 thousand and 339 registers; a number which surpassed the record number of registers on one day alone.
Central Securities Depository of Iran has announced that the Comprehensive Information Gathering System or CIGS is a gateway into the Iranian capital market and welcomes new shareholders into the system. The CSDI said the employees are working at their full power to receive and evaluate the information entered by the registrars and issue trading codes.
This rapid increase in numbers come on the back of Iran’s capital market witnessing a historical record in growth of TEDPIX and impressive primary market in the country’s stock market at the beginning of the new Persian New Year.
The benchmark Tehran Stock Exchange index managed to break above its all-time highs just before the Iranian fiscal year ended March 19. The annual total return reached a whopping 187%, registering the highest annual growth in the exchange's existence.
The totally indigenous electronic 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.
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 such as:
· Increased cost efficiencies
· Tangible operational efficiencies
· Accelerated onboarding
· Improved client experience
· Enhanced regulatory compliance
Based on a joint plan, two well-reputed Iran's commercial banks i.e. Parsian and Shahr banks started using the novel paperless Know Your Customer (KYC) system, domestically designed and run by CSDI named the Comprehensive Information Gathering System (CIGS) to identify and authenticate their customers, wherein a variety of information concerning identity, contact, bank account, and suchlike of the users are electronically verified.
Although CSDI's Comprehensive Information Gathering System (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. 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 anti-money laundering (AML) goal as primarily understandable and clearly needed.
Since CIGS, is portable, global, user-owned, standard and supported by digital technologies (e.g. via blockchain), it will continue to be a fundamental ground for distributing the dividends to investors, registration of investment funds on a national basis and a way forward toward electronic general meeting (e-GEM) management systems.
Release Date: 2020-05-03