Prior to the receipt or disbursement of compliance funds, a political action committee shall establish a compliance account by: Opening a checking account at a financial institution that does business in the State, which checking account shall be: Designated as the compliance account; and Segregated from the campaign accounts of the political action committee as required under Election Law Article, §13-220, Annotated Code of Maryland; and Registering the compliance account with the State Board in a manner that identifies it as the compliance account of the political action committee.