Prevention of Money Laundering Amendment Act, 2012. - "Designated Director" - Money Laundering - DCBR.CO.BPD.(PCB).NO.1/14.01.062/2014-15

CIRCULAR DCBR.CO.BPD.(PCB).NO.1/14.01.062/2014-15, DATED 5-11-2014 Please refer to our circular UBD.CO.BPD.(PCB).Cir No.48/14.01.062/2013-14 dated February 18, 2014 wherein UCBs were advised that they may nominate a Director on their Boards as 'Designated Director' to ensure compliance with the obligations under the Prevention of Money Laundering Amendment Act, 2012. 2. In this connection, it is clarified that UCBs can also designate a person who holds the position of senior management or equivalent as a 'Designated Director'. However, in no case, the Principal Officer should be nominated as the 'Designated Director'.