On Dec. 27, 2024, CHI NFRA published the finalized regulations and answers to reporters' questions; the regulations will be effective from Mar. 1, 2025.
On Aug. 16, CHI NFRA proposed regulations for FI compliance.
CHI NFRA proposedRegulations on compliance management of financial institutions.
Document dated Aug. 16, 2024, received from CHI NFRA Aug. 20, summarized Aug. 23.
Proposed Regulations
Clarify responsibilities of board of directors and senior management, responsibilities of Chief Compliance Officer, division of labor in the compliance management department.
Financial institutions are required to have a Chief Compliance Officer (CCO) at their headquarters, and a Compliance Officer at their provincial or first-level branches.
Equip compliance management departments with sufficient professional compliance management personnel, to improve the effectiveness of compliance management.
Clarify CCOs' and compliance officers' right to attend meetings, right to know, right to investigate, right to inquire, right to make suggestions, right to warn and remind.
Clarify administrative penalties and regulatory measures, and hold FIs and their staff, especially directors, senior management, CCOs and compliance officers, accountable.
Consultation Date
Consultation is open until Sep. 17, 2024.
Dec. 2024 Regulations Finalized
On Dec. 27, 2024, CHI NFRA published the finalized regulations and answers to reporters' questions; the regulations will be effective from Mar. 1, 2025.
