Simplified measures: expanded acceptable documents for proof of address enabling KYC for low-risk customers under AML rules.
The amendment expands simplified measures under the PML Rules by deeming specified alternative documents - recent utility bills, property or municipal tax receipts, bank or post office account statements, pension payment orders with address, employer allotment letters or leave-and-license agreements for official accommodation, and foreign government or embassy documents - as Officially Valid Documents for the limited purpose of proof of address where low-risk customers cannot produce standard OVDs; institutions must revise KYC policies accordingly.

Designated Director requirement clarified: NBFCs may appoint a senior management officer but not the Principal Officer.
NBFCs must nominate a Designated Director to ensure compliance under the Prevention of Money Laundering (Amendment) Act, 2012; the nominee may be a board Director or a senior management officer or equivalent, but the Principal Officer must not be nominated as the Designated Director.

Designated Director requirement allows board or senior management appointment for AML compliance but excludes the Principal Officer.
Urban Cooperative Banks may appoint a Designated Director-either a board member or a senior management/equivalent person-to ensure compliance with Prevention of Money Laundering Amendment Act obligations; the Principal Officer is expressly excluded from being designated as the Designated Director.

Know Your Customer rules: banks must update KYC, reporting, and beneficial ownership checks under amended PML Rules.
Banks must revise KYC/AML/CFT policies to reflect amendments that define a Designated Director, restrict what qualifies as an Officially Valid Document, permit simplified measures for low risk customers using specified documents, require communication of the Designated Director to FIU IND, and impose changes to transaction definitions, reporting thresholds, and timelines for record retention and submission of CTR/STR/CWTR.