Implementation Rules for the Internal Audit and Internal Control System of Specialized Electronic Payment Institutions Article 31

A specialized electronic payment institution shall assign a management unit directly under the president to take charge of the planning, management and implementation of regulatory compliance system, and appoint a high-level manager to act as the chief compliance officer who oversees the compliance matters and report to the board of directors, supervisors, or audit committee at least semiannually. If any major violation of regulations is discovered, the chief compliance officer shall immediately report to the directors and supervisors, and report the compliance related matters to the board of directors.The chief compliance officer and personnel of the compliance unit shall attend at least fifteen hours of training a year offered by competent authority-designated professional training institutions or their employer. The training courses shall cover at least the latest regulatory amendments.A specialized electronic payment institution shall file the list of chief compliance officer and personnel of compliance unit and their training records to the competent authority via a web-based information system.