(1)  An  accountable  institution  shall  in  consultation  with  the  Centre formulate and implement internal rules concerning

(a) the establishment and verification of the identity of persons whom the institution is required to identify,

(b) information of which records must be kept,

(c) the manner in which and the place at which the records must be kept,

(d) the  steps  to  be  taken  to  determine  what  a  transaction  is reportable, and

(e) other matters that an institution may determine.

(2) An accountable institution shall make its internal rules available to its employees involved in dealing with transactions to which this Act applies.

(3) An accountable institution shall, on request, make a copy of its internal rules available to

(a) the Centre, and

(b) a supervisory body which performs regulatory or supervisory functions over that accountable institution.

(4) An accountable institution shall ensure that the foreign branches and subsidiaries of the accountable institution observe the rules consistent with a subsidiary company of the accountable institution registered in the Republic.