A Licensed Person shall have in place policies, procedures and internal controls to comply with the requirements regarding the opening and handling of accounts and transactions of non-profit organizations and entities. The following requirements shall be observed when dealing with accounts of any such organizations and entities: 1. Non-profit organizations and entities must have an official license issued by the relevant government authority specifying the purposes and activities of the organization. 2. Due diligence measures shall be applied when dealing with such organizations.