The internal rules of an accountable institution related to the establishment and verification of identity shall

(a) provide for the necessary  processes and working methods which will cause the required particulars related to the identities of parties to a business relationship or single transaction to be obtained on each occasion when a business relationship is established or a single transaction is concluded with the institution;

(b) provide for steps to be taken by the relevant staff members aimed at the verification of the required particulars related to the identity of parties to a business relationship or single transaction;

(c) provide for the responsibility of the management of the accountable institution in respect of compliance with the Act, these Regulations and the internal rules;

(d) allocate responsibilities and accountability to ensure that staff duties related to the establishment and verification of identities are complied with;

(e) provide for disciplinary steps against the relevant staff members for non-compliance with the Act, these Regulations and the internal rules; and

(f) take into account any guidelines related to the verification of identity which may apply to that accountable institution.