Joint Statement: Federal Reserve Bank of New York, Bangladesh Bank and SWIFT
Brussels 10 May 2016 – Representatives of the New York Fed, Bangladesh Bank and SWIFT met in Basel, Switzerland to discuss the cyber fraud event that happened in early February. President William Dudley from the New York Fed and Governor Fazle Kabir from the Bangladesh Bank attended the meeting. The parties provided details on the actions taken and exchanged information about the cyber and physical vulnerabilities illustrated by this event. All parties stated their concern over this event and their continued commitment to work together to normalise operations. The parties also agreed to pursue jointly certain common goals: to recover the entire proceeds of the fraud and bring the perpetrators to justice, and protect the global financial system from these types of attacks.
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services.
We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and financial crime compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies.
Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
Brunswick Group LLP
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