Section 9, The Anti-Money Laundering Act, 2005

Every financial institution shall develop, to the satisfactionof the Authority, programmes for the prevention of money laundering, including– (a) centralization of information on the identity of customers, principals, beneficiaries, proxies, authorized agents, beneficial owners and on suspicious business transactions; (b) ongoing training for officials or employees; (c) internal audit arrangements to check compliance with and the effectiveness of the measures taken to apply this Act.