Eligibility for designated depository participant: registration, custodial, banking and AML compliance conditions, with a limited global bank exception. Regulation 12 requires an applicant for approval as a designated depository participant to be a Board-registered participant and custodian, be an Authorized Dealer Category-1 bank, have multinational presence, implement systems to meet FATF and anti money laundering requirements, and be fit and proper under intermediary criteria; the Board may add criteria. The Board may consider a regulated global bank with custodial experience for approval if registration and a tie up with an Authorized Dealer Category-1 bank are in place and market development is served.