Central Depository Bangladesh Limited (CDBL) plans to introduce an e-KYC system to verify investor and nominee information when beneficiary owner, or BO, accounts are opened. The initiative is intended to enable immediate identity checks, prevent national identity card fraud or use of another person’s ID, and support transparency in the capital market. An Election Commission team visited the CDBL office on August 19 to inspect software and preparations.

CDBL Managing Director Abdul Motaleb said the system will allow the institution to confirm the identities of people opening BO accounts in the future. The Bangladesh Securities and Exchange Commission has already issued a no-objection for the rollout. The system will require an application programming interface connection between CDBL’s software and the Election Commission-controlled National ID server.

All BSEC-registered entities, including brokerage houses, asset management firms, merchant banks and custodians, will use the e-KYC system. Information of existing BO account holders will also be verified gradually after launch. CDBL expects the system could begin within the next one or two months. No additional fee will be charged beyond charges for using the Election Commission server and software management.