Joint Statement: Federal Reserve Bank of New York, Bangladesh Bank and SWIFT

Basel Meeting

May 10, 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 normalize 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.

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