The CBIRC has issued new measures for handling issues raised by whistleblowers, with the rules taking effect from 1 March 2020.
The measures require banking and insurance supervisors to investigate violations of banking and insurance laws and regulations reported by whistleblowers, and to protect their privacy, according to a report in Regulation Asia.
Under the measures, supervisors shall review and decide whether to accept the whistleblower reports within 15 days, and notify the whistleblower in writing.
A whistleblower report shall be accepted if:
the reported matters fall within the scope of the supervision responsibility of the banking or insurance institution,
there is a clear flagged person, and
there are specific facts and relevant certification materials of the reported person’s violation of relevant banking and insurance laws, regulations, or departmental rules.
Within 60 days from the date of acceptance, a written investigation opinion shall be made on the reported illegal behaviour, and the whistleblower shall be notified in writing. However, state secrets, business secrets and personal data shall not be disclosed.
The measures oblige supervisors and their staff to keep confidential the identity of the whistleblower to protect personal privacy.