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.