After the one-year regulatory transition period ends, over 60% of A-share listed banks officially announce their Chief Compliance Officer, with "President in charge" becoming the mainstream

China Securities Journal, March 5 (Reporter Zou Juntao) — As the one-year transition period ends, chief compliance officers at listed banks are accelerating their appointments.

On the evening of March 5, Ping An Bank announced that it recently received the “Approval from the State Financial Supervision and Administration Bureau Regarding Wu Leiming’s Qualification for the Position of Chief Compliance Officer at Ping An Bank,” which approved Mr. Wu Leiming’s qualification for the role of Chief Compliance Officer at Ping An Bank Co., Ltd.

According to previous announcements, Wu Leiming currently serves as Assistant President and Chief Risk Officer at Ping An Bank. A China Securities Journal reporter noted that it is not common for the Chief Risk Officer to also serve as the Chief Compliance Officer among publicly disclosed candidates at listed banks, but it is not rare either. Previously, the Chief Compliance Officer of Bank of Communications was set to be concurrently held by Chief Risk Officer Liu Jianjun.

Regarding the approval of the company’s Chief Compliance Officer, the China Securities Journal contacted Ping An Bank tonight, but as of press time, no response was received. An insider close to the bank told reporters, “This move and arrangement are common across the industry.”

Another industry insider told the China Securities Journal, “Having the Chief Risk Officer also serve as the Chief Compliance Officer helps achieve coordinated management of risk and compliance.”

End of a one-year regulatory transition period; banks intensively announce chief compliance officers

It is understood that the policy background for this wave of appointments of chief compliance officers at listed banks is the “Regulations on Compliance Management of Financial Institutions” (hereinafter referred to as the “Regulations”) issued by the State Financial Supervision and Administration Bureau in December 2024.

The Regulations clearly stipulate that financial institutions should establish a Chief Compliance Officer at their headquarters, include this role in senior management, and report directly to the chairman and president (general manager), being accountable to the board of directors.

The Regulations will officially take effect on March 1, 2025, with a one-year transition period. As the transition period ends on March 1, 2026, major banks are accelerating their efforts to appoint chief compliance officers.

According to rough statistics from Wind data as of March 5, the China Securities Journal reports that at least 28 A-share listed banks have announced their chief compliance officer candidates, accounting for over 60% of the 42 A-share listed banks, most of which still await regulatory approval. Additionally, non-A-share listed banks such as Harbin Bank and Inner Mongolia Rural Commercial Bank have also announced their chief compliance officers.

Three models in parallel, “President-led” becoming mainstream

Furthermore, the Regulations specify that the Chief Compliance Officer can be a standalone position or concurrently held by a senior management member. Based on current practices among banks, the main types of candidates for the Chief Compliance Officer fall into three categories, with the “President-led” model—where the bank president directly holds the position—being the dominant approach.

The China Securities Journal’s survey of disclosures from 28 listed banks shows that 18 banks have their Chief Compliance Officer directly led by the president, including China Construction Bank, Agricultural Bank of China, Bank of China, Zheshang Bank, Lanzhou Bank, and Qingnong Commercial Bank. For example, China Construction Bank’s president Zhang Yi is also the Chief Compliance Officer; Agricultural Bank’s president Wang Zhiheng holds the role; Bank of China’s president Zhang Hui also serves as Chief Compliance Officer.

Some banks have appointed other senior executives as Chief Compliance Officers. For example, Bank of Communications appointed Chief Risk Officer Liu Jianjun to concurrently serve as the Chief Compliance Officer; Everbright Bank appointed Vice President Yang Wenhua; Chongqing Bank appointed Deputy President and Chief Risk Officer Wang Wei.

A few banks have adopted a dedicated Chief Compliance Officer model, such as Huaxia Bank, whose first appointed Chief Compliance Officer Yang Hong previously held leadership roles in Huaxia Bank’s international business department, credit card center, and regional branches. Some banks have also recruited external talent through market-based hiring.

Industry insiders interviewed believe that the “President-led” high-level model not only ensures the authority of compliance management but also leverages existing management teams to accelerate policy implementation. This approach shortens decision-making chains, ensures strategic consistency, and allows quick responses to complex risks.