Ping An Bank Appoints Chief Compliance Officer as Nearly 50 Institutions Fill the Role This Year

Financial institutions are accelerating efforts to appoint "Chief Compliance Officers."

Recently, Ping An Bank Co.,Ltd. announced a board resolution appointing Wu Leiming as Chief Compliance Officer, pending approval from the National Financial Regulatory Administration (NFRA). Wu concurrently serves as the bank’s Assistant President and Chief Risk Officer.

As of December 18, nearly 50 financial institutions have received regulatory approval for their Chief Compliance Officers this year, spanning banks, insurers, trusts, group finance companies, consumer finance firms, financial leasing companies, and wealth management subsidiaries.

This follows the December 2023 release of the *Financial Institution Compliance Management Measures*, which mandate that financial institutions appoint a Chief Compliance Officer at headquarters and, in principle, designate compliance officers at provincial or primary branches.

The role’s responsibilities include overseeing compliance management, ensuring regulatory adherence, handling major compliance incidents, and reporting periodically to regulators.

**Ping An Bank’s Dual Role: Chief Risk Officer & Chief Compliance Officer** Wu Leiming, a veteran at Ping An Bank since its predecessor Shenzhen Development Bank, has extensive experience in credit approval and risk management. His career includes leadership roles in Beijing, Zhengzhou, and Xi’an branches before assuming his current positions.

The NFRA permits CEOs or other senior executives to concurrently serve as Chief Compliance Officers, with exemptions for CEO appointees. Similar dual appointments have been observed at institutions like Taiping P&C Insurance and China Life Pension.

Deloitte China Vice Chairman Wu Weijun noted that combining roles (e.g., Chief Risk Officer or General Counsel with Chief Compliance Officer) can reduce operational costs, provided conflicts of interest are avoided.

**Nearly 50 Institutions Complete Appointments** Approvals this year cover diverse financial sectors. Compliance officers are typically promoted internally (e.g., Huaxia Bank’s Yang Hong) or recruited externally (e.g., Hui Hua Wealth Management’s Luan Xuejian).

Some mid-sized banks, such as Jiangxi Bank and Shangrao Bank, are openly recruiting compliance officers, with strict requirements including 8+ years in finance or legal compliance.

Candidates must meet rigorous standards in education, management experience, and industry expertise, reflecting heightened demand for compliance professionals.