How to Prepare for NISM IFSCA-01
Chapter order, time needed, and where marks are actually lost on the AML and CFT in the IFSC paper.
NISM-IFSCA-01 is a rules exam. It asks what the PMLA and its record-keeping rules require, what the IFSCA guidelines add for entities in the IFSC, which due diligence applies to which customer, and what FATF expects. The paper is short and the bar is 25 out of 50, but each chapter is dense with specific obligations.
There is no negative marking, so every question should be answered. NISM has not published a pass rate for NISM-IFSCA-01, so no one can tell you reliably how hard it is in numbers. What you can use is the weightage table, which tells you exactly where the marks are.
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Study order by weight
Chapters grouped by marks, from the workbook's syllabus outline.
Highest
Chapters
6 IFSCA KYC Norms (10), 5 IFSCA AML, CFT and KYC Guidelines (8)
Marks
18
High
Chapters
2 PMLA (7), 3 PML Maintenance of Records Rules (7)
Marks
14
Medium
Chapters
8 FATF (6), 1 Introduction to AML, CFT and PF (5)
Marks
11
Light
Chapters
7 PMLA Cases (4), 4 Scheduled Offences (3)
Marks
7
| Priority | Chapters | Marks |
|---|---|---|
| Highest | 6 IFSCA KYC Norms (10), 5 IFSCA AML, CFT and KYC Guidelines (8) | 18 |
| High | 2 PMLA (7), 3 PML Maintenance of Records Rules (7) | 14 |
| Medium | 8 FATF (6), 1 Introduction to AML, CFT and PF (5) | 11 |
| Light | 7 PMLA Cases (4), 4 Scheduled Offences (3) | 7 |
A study plan that follows the marks
Part A lays the foundation that Part B builds on, so read in order, but give time in proportion to marks:
- 1
Chapter 1: the concepts
Money laundering, terrorist financing and proliferation financing, the three stages of laundering, and the global and Indian bodies. 5 marks, and the vocabulary for everything after it.
- 2
Chapters 2 and 3: the PMLA and its rules
14 marks. Learn the offence, the authorities, the reporting entity's duties, and each report under the rules with who files it. A table of reports is worth making here.
- 3
Chapter 4: scheduled offences
3 marks. Learn what a predicate offence is and how the Schedule is split into Parts A, B and C, rather than memorising every listed section.
- 4
Chapters 5 and 6: the IFSCA rules
18 marks, the heart of the paper. The risk-based approach, suspicious transaction reporting, wire transfers, internal controls and training, record keeping, and every type of customer due diligence. Finish with the table comparing IFSCA with other Indian regulators.
- 5
Chapters 7 and 8: cases and FATF
10 marks. One line per case on what went wrong. Then FATF's mandate and lists, its Recommendations, the IX Special Recommendations and trade-based money laundering.
- 6
Practise and revise
Work the sample questions at the end of each chapter, then take full 50-question papers in 60 minutes and revise the chapters they show are weak.
Free account, this exam preselected.
An example two-week schedule
Days 1 to 4: chapters 1 to 4. Days 5 to 9: chapters 5 and 6. Days 10 and 11: chapters 7 and 8. Days 12 to 14: revision and at least two full timed papers. Compress it if you already work in AML compliance; stretch it if PMLA is new to you or you can study only a little each day.
Where marks are lost
- check_circleStudying only the PMLA from domestic AML material and arriving thin on the IFSCA chapters, which carry 18 marks
- check_circleMixing up the reports under the PML Rules, or which authority does what
- check_circleConfusing the types of due diligence and when each one applies
- check_circleAssuming the IFSCA rules match those of other Indian regulators: chapter 6 sets out how they differ
- check_circleSkipping the cases and FATF chapters because they look like background; together they are 10 marks
- check_circleLeaving questions blank: with no negative marking, a blank is a mark given away
How to know you are ready
Take a full paper under real conditions: 50 questions, 60 minutes, at the desk where you will sit the proctored exam. If you can score 25 with a clear margin, book your slot. If you are close but not there, use the weightage table: chapter 6 at 10 marks is a better target than chapter 4 at 3.
On exam day, answer every question, and read each option fully. Rules on reporting and due diligence can differ in a single condition, so the option that is almost right is the one to watch for.
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