[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111527-en":3,"doc-seo-111527-105":29,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111527,8796095461610,"Oliver","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","Compliance Investigation Report - Regarding IFC’s Exposure to Financial Institutions in (ACLEDA, Amret, Hattha Bank, LOLC, PRASAC, and Sathapana) - October 2025","October 2025 Compliance Investigation Report examines the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) accountability function work through CAO’s review. It addresses CAO’s compliance approach, including assessment of environmental and social harm and recommendations for remedial actions. The report covers the complaint, CAO appraisal, investigation scope, and methodology, then analyzes IFC due diligence and supervision for microfinance investments across specified financial institutions. It evaluates performance against relevant IFC policies, standards, and Sustainability Framework obligations for vulnerable populations and Indigenous Peoples.","Public Disclosure Authorized Pub lic Disclosure Authorized  \nOCTOBER 2025  \nCambodia  \n\\#42480,  \n2025  \nCompliance Investigation Report  \nRegarding IFC’s Exposure to Financial Institutions in  \n(ACLEDA, Amret, Hattha Bank, LOLC, PRASAC, and Sathapana)  \nIFC Projects \\#21856, \\#27827, \\#31467, \\#34748, \\#38609, \\#39167, \\#41294,\\#44211, \\#44231, \\#44742, \\#44882, \\#45535  \nOctober 10,  \nAbout CAO  \nThe Office of the Compliance Advisor Ombudsman (CAO) is the independent accountability mechanism of the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA), members of the World Bank Group. We work to facilitate the resolution of complaints from people affected by IFC and MIGA projects in a fair, objective, and constructive manner, enhance environmental and social project outcomes, and foster public accountability and learning at IFC and MIGA.  \nCAO is an independent office that reports directly to the IFC and MIGA Boards of Executive Directors. For more information, [see www.cao-ombudsman.org](see www.cao-ombudsman.org).  \nAbout the Compliance Function  \nCAO’s compliance function reviews IFC and MIGA compliance with environmental and social policies, assesses related harm, and recommends remedial actions where appropriate.  \nCAO’s compliance function follows a three-step approach:  \nTable of Contents  \n1. Background .......................................................................................................................... 1  \n1.1 Financial inclusion sector’s global evolution ............................................................. 1  \n1.2 Microfinance and over-indebtedness in Cambodia .................................................... 3  \n2. IFC’s Investments in Six Financial Institutions Subject to the CAO Complaint............... 8  \n2.1.1 ACLEDA and North Haven Thai ...............................................................................9  \n2.1.2 Amret and Advans .................................................................................................. 10  \n2.1.3 Hattha Bank ........................................................................................................... 11  \n2.1.4 MEF ....................................................................................................................... 12  \n2.1.5 MIFA ...................................................................................................................... 14  \n3. Compliance Investigation .................................................................................................. 16  \n3.1 Complaint..................................................................................................................... 16  \n3.2 CAO Assessment ........................................................................................................ 18  \n3.3 IFC Response .............................................................................................................. 18  \n3.4 CAO Appraisal .............................................................................................................20  \n3.5 Scope of investigation ................................................................................................20  \n3.6 Investigation methodology .........................................................................................22  \n3.7 Applicable IFC policies, standards, and practices for microfinance investments . 23  \n3.7.1 Applicable IFC policies ........................................................................................... 23  \n3.7.2 Timeline of relevant Good International Industry Practice (GIIP), the Cambodian microfinance context and IFC investments ...........................................................................29  \n3.7.3 Highlights of GIIP in microfinance investments ....................................................... 33  \n4. Analysis and Findings .......................................................","cbCaiaVwAQklciCS","https://ap.wps.com/l/cbCaiaVwAQklciCS","pdf",2202910,1,167,"English","en",105,"# Background\n## Financial inclusion sector’s global evolution\n## Microfinance and over-indebtedness in Cambodia\n# IFC’s Investments in Six Financial Institutions Subject to the CAO Complaint\n## ACLEDA and North Haven Thai\n## Amret and Advans\n## Hattha Bank\n## MEF\n## MIFA\n# Compliance Investigation\n## Complaint\n## CAO Assessment\n## IFC Response\n## CAO Appraisal\n## Scope of investigation\n## Investigation methodology\n## Applicable IFC policies, standards, and practices for microfinance investments\n## Applicable IFC policies\n## Timeline of relevant Good International Industry Practice (GIIP), the Cambodian microfinance context and IFC investments\n## Highlights of GIIP in microfinance investments\n# Analysis and Findings\n## General IFC approach to pre-investment due diligence and supervision of microfinance investments\n## Consideration of IFC project and sub-project E&S performance regarding the complaint issues relevant to IFC’s due diligence and supervision\n## Consideration of IFC project and sub-project E&S performance related to PS1 requirements regarding vulnerable populations\n## Consideration of IFC project and sub-project E&S performance related to PS7 requirements regarding Indigenous Peoples\n## Considerations of IFC project and sub-project E&S performance related to PS1 requirements regarding grievance mechanisms\n## IFC’s compliance with its Sustainability Framework obligations regarding vulnerable populations\n## IFC’s E&S due diligence of its investments in ACLEDA, Amret, Hattha Bank, North Haven Thai, Advans, MEF, and MIFA\n## IFC’s actions during supervision of its investments in ACLEDA, Amret, Hattha Bank, North Haven Thai, Advans, MEF, and MIFA\n## Conclusions on IFC’ compliance with its due diligence and supervision obligations\n## IFC’s compliance with its Sustainability Framework obligations regarding Indigenous Peoples","[{\"question\":\"What is the role of CAO in the IFC and MIGA accountability process?\",\"answer\":\"CAO is an independent accountability mechanism that facilitates resolution of complaints from affected people, enhances environmental and social outcomes, and supports public accountability and learning. 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It specifically considers issues related to vulnerable populations and Indigenous Peoples and evaluates relevant IFC policies and standards across the listed financial institutions.\"}]",1784490534,421,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":27},"compliance-investigation-report-regarding-ifcs-exposure-to-financial-institutions-in-acleda-amret-hattha-bank-lolc-prasac-and-sathapana-october-2025","",{"@graph":35,"@context":85},[36,53,68],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/compliance-investigation-report-regarding-ifcs-exposure-to-financial-institutions-in-acleda-amret-hattha-bank-lolc-prasac-and-sathapana-october-2025/111527/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-20","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What is the role of CAO in the IFC and MIGA accountability process?","Question",{"text":75,"@type":76},"CAO is an independent accountability mechanism that facilitates resolution of complaints from affected people, enhances environmental and social outcomes, and supports public accountability and learning. 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It specifically considers issues related to vulnerable populations and Indigenous Peoples and evaluates relevant IFC policies and standards across the listed financial institutions.","https://schema.org",{"og:url":51,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":92},[93,97,101,105,110,115,120,123,128,131,135],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":45,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":45,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":45,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":45,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":45,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":45,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":45,"category_name":137,"show_sort_weight":106,"slug":138},19,"General","general"]