IFSCA AML/CFT
GIFT City IFSCA exam — AML, CFT, KYC, PMLA, and FATF for entities operating in the International Financial Services Centre.
Exam Pattern & Marking
Detailed Syllabus
8 chapters · 100 total marks
| # | Chapter | Marks | Practice Qs |
|---|---|---|---|
| 1 | KYC Norms | 20 | 35 |
| 2 | AML CFT KYC Guidelines | 16 | 26 |
| 3 | Maintenance of Records Rules | 14 | 23 |
| 4 | PMLA 2002 | 14 | 23 |
| 5 | FATF Recommendations | 12 | 27 |
| 6 | Introduction to AML CFT and PF | 10 | 17 |
| 7 | PMLA Related Cases | 8 | 16 |
| 8 | Scheduled Offences | 6 | 13 |
| Total | 100 | 180 |
Marks per chapter reflect the official NISM syllabus weightage. Practice question counts show the bank size in our app — use them to gauge depth of preparation needed per chapter.
Key Knowledge Areas
Overview
IFSCA-01 is the AML/CFT certification for entities operating in India’s GIFT City International Financial Services Centre. The IFSCA is a unified regulator for IFSC entities (replacing parallel SEBI/RBI/IRDAI/PFRDA jurisdiction). The 2022 IFSCA AML/CFT/KYC Guidelines apply to all regulated entities in the IFSC.
At a glance: 50 questions · 1 hour · 60% pass mark · 0.25 negative marking · ₹1,500 + GST.
Who should take IFSCA-01
- Compliance staff at IFSC banking units (IBUs)
- AIF / fund management entities in GIFT City
- Insurance entities (IIO, IIIO) in IFSC
- Capital markets intermediaries in IFSC
- Aircraft / ship leasing entities
Key Knowledge Areas
IFSCA framework
The IFSCA was established in 2020 as a unified regulator for IFSC entities. It subsumes powers previously exercised by SEBI, RBI, IRDAI, and PFRDA within the IFSC.
The IFSC at GIFT City is treated as a “non-resident” jurisdiction for FEMA purposes — opening currency, tax, and regulatory benefits.
IFSCA AML/CFT/KYC Guidelines 2022
Key provisions:
- Risk-based approach to CDD
- Enhanced Due Diligence (EDD) for PEPs and high-risk countries
- Identification of beneficial owner (UBO)
- Customer risk profiling
- Ongoing monitoring of transactions
- Record retention 5 years
PMLA applicability
PMLA 2002 applies to IFSC entities through the IFSCA Guidelines. Reporting to FIU-IND is mandatory for STR/CTR/NTR/CCR.
FATF recommendations
40 FATF recommendations form the global standard. Key for IFSC:
- Recommendation 10: Customer Due Diligence
- Recommendation 11: Record-keeping
- Recommendation 16: Wire transfer rules (originator + beneficiary info)
- Recommendation 24: Beneficial ownership transparency
- Recommendation 40: International cooperation
Scheduled offences under PMLA
Money laundering is the offence of attempting to project proceeds of crime as untainted property. Scheduled offences include corruption, drug trafficking, terrorism financing, fraud, smuggling — full list in PMLA Schedule.
Maintenance of records
- Customer identification: 5 years post relationship
- Transaction records: 5 years post transaction
- Suspicious transaction analysis: kept securely
Exam Tips
Tip 1: IFSCA being a unified regulator (vs SEBI/RBI/IRDAI separately on the mainland) is the defining structural fact. Know the boundary clearly.
Tip 2: FATF Recommendations 10, 11, 16, 24 are exam-favourites. Know the specific obligations under each.
Tip 3: PMLA reporting timelines (STR within 7 days, CTR monthly, etc.) appear in every cycle.
Tip 4: Beneficial ownership identification — definition (≥10% / ≥15% threshold), documentation requirements — is heavily tested.
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