NISM IFSCA-01 Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The one essential piece of study material for NISM-IFSCA-01 is NISM's own workbook. The exam is largely based on it, its weightage table is the one the paper follows, and IFSCA reviewed it. NISM also notes that it does not guarantee every question will come from the workbook, so treat it as the core, not the boundary.
The current workbook is version December 2025. If you have an older or draft copy, replace it.
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What to use, and what each is good for
NISM workbook, December 2025
Use it for
The full syllabus: 8 chapters, learning objectives, sample questions
Watch out for
Older copies, and notes made for domestic AML exams that miss the IFSCA chapters
The workbook's weightage table
Use it for
Deciding how long to spend on each chapter
Watch out for
Skipping the 3-mark and 4-mark chapters: on a 50-mark paper they still matter
IFSCA's FAQs on its AML, CFT and KYC Guidelines
Use it for
The workbook lists them as additional reading; useful for chapters 5 and 6
Watch out for
Reading them in place of the workbook; the exam follows the workbook
Your own notes and tables
Use it for
Reports and who files them, due diligence types, the scheduled offence parts, the five cases
Watch out for
Copying the workbook out in full instead of condensing it
Timed practice papers
Use it for
Testing recall under the 60-minute limit
Watch out for
Question sets written for other AML exams that do not cover the IFSC rules
| Material | Use it for | Watch out for |
|---|---|---|
| NISM workbook, December 2025 | The full syllabus: 8 chapters, learning objectives, sample questions | Older copies, and notes made for domestic AML exams that miss the IFSCA chapters |
| The workbook's weightage table | Deciding how long to spend on each chapter | Skipping the 3-mark and 4-mark chapters: on a 50-mark paper they still matter |
| IFSCA's FAQs on its AML, CFT and KYC Guidelines | The workbook lists them as additional reading; useful for chapters 5 and 6 | Reading them in place of the workbook; the exam follows the workbook |
| Your own notes and tables | Reports and who files them, due diligence types, the scheduled offence parts, the five cases | Copying the workbook out in full instead of condensing it |
| Timed practice papers | Testing recall under the 60-minute limit | Question sets written for other AML exams that do not cover the IFSC rules |
What is inside the workbook
- check_circlePart A, chapters 1 to 4: AML concepts, the PMLA, the record-keeping rules and the scheduled offences
- check_circlePart B, chapters 5 to 8: the IFSCA AML, CFT and KYC guidelines, the KYC norms, five enforcement cases and FATF
- check_circleA syllabus outline with the marks each chapter carries, adding up to 50
- check_circleLearning objectives at the start of each chapter and sample questions at the end of each
- check_circleA comparison of the IFSCA guidelines with those of other Indian regulators, in chapter 6
- check_circleAn Additional Reads list: IFSCA's FAQs on its guidelines, a UAPA order and a note on identifying ultimate beneficial owners
How to get it
Get the workbook from NISM: its NISM-IFSCA-01 page at nism.ac.in is the place to start. Check the version printed on the cover before you rely on any copy, including one a colleague passes on.
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What the workbook does well, and where to add
The workbook is compact. It starts from first principles of money laundering, sets out the PMLA and its rules, then moves to the IFSCA guidelines and how they differ from the domestic regime. The five cases in chapter 7 show how the rules have been enforced against real intermediaries, including two in the IFSC.
Its weak point for exam purposes is that much of it reproduces the law and the guidelines in their own wording. Reading a list of obligations twice does not mean you can tell them apart under time pressure. Two additions help: short comparison tables of your own, and plenty of question practice so you learn how the rules are asked.
Notes worth making as you read
- checkThe three stages of money laundering, with an example of each
- checkEach report under the PML Rules, what triggers it and who files it with FIU-IND
- checkThe authorities under the PMLA and what each one does: the Enforcement Directorate, FIU-IND, the Adjudicating Authority, the Appellate Tribunal
- checkCustomer due diligence, and simplified, enhanced and ongoing due diligence side by side, with when each applies
- checkThe IFSCA guidelines against other Indian regulators: the differences the workbook lists
- checkOne line on each of the five cases: who, what went wrong, and the outcome
- checkFATF's lists, its Recommendations and the IX Special Recommendations
On practice questions
Use the sample questions at the end of each chapter to check understanding as you go. Closer to the exam, take full 50-question papers in 60 minutes to check recall and pace.
Beware of material for other AML exams
AML notes and question banks written for domestic regulators can cover the PMLA well but miss the IFSCA guidelines and KYC norms, which carry 18 of the 50 marks. When a source disagrees with the current workbook, go with the workbook.
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