A financial institution shall observe the following:

1. It shall prepare a policy on whistle blowing to be approved by its board of directors. If the financial institution does not have a board of directors, this policy shall be approved by a chief executive officer or a general director and reviewed annually.
2. It shall submit a periodic report to its board of directors and audit committee on the cases received and actions taken.
3. . It shall encourage its employees and stakeholders to report any violation committed inside or outside the financial institution within the scope of their work.
4. . It shall raise awareness among, and reassure, its employees and stakeholders about the confidentiality of the whistle blowers’ identity and the information contained in reports for all stages of the processing of each report.
5. It shall protect whistle blowers against any retaliation.
6. It shall encourage its employees and stakeholders not to hesitate to report any violation due to being uncertain of the authenticity of the report and whether or not it can be supported with facts. The financial institution shall also stress that all employees and stakeholders are expected to refrain from rumors, irresponsible behavior and false allegations, and that, if a claim is made in good faith but has not been established as valid during investigation, no action will be taken against the whistle blower.
7. It shall provide its employees and stakeholders with information on all channels for whistle blowing, which should include as a minimum: a direct telephone number, website, postal service, and e-mail address.
8. It shall prepare awareness programs that urge its employees and stakeholders to report violations and clarify their responsibilities.