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of <h1>NBFCs Must Appoint 'Designated Director' for Compliance with Prevention of Money Laundering Act, per 2012 Amendment.</h1> Non-Banking Financial Companies (NBFCs) are reminded of the requirement to appoint a 'Designated Director' on their Boards to ensure compliance with the Prevention of Money Laundering (Amendment) Act, 2012. This individual can be a senior management member or equivalent but must not be the Principal Officer. This directive follows a previous circular issued on May 29, 2014, emphasizing the importance of appointing a suitable person to oversee adherence to anti-money laundering obligations.
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