trending Market Intelligence /marketintelligence/en/news-insights/trending/lEHNVUxzENvpougGJT55-A2 content esgSubNav
In This List

Report: Bangladesh Bank to meet with NY Fed, SWIFT over stolen funds

Video

S&P Capital IQ Pro | Powering Your Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Blog

Banking Essentials Newsletter: September Edition

Blog

Beyond ESG with Climate Stress Testing: Getting Practical at Banks & Insurers


Report: Bangladesh Bank to meet with NY Fed, SWIFT over stolen funds

Officials from Bangladesh Bank are set to meet with the head of theFederal Reserve Bank of New York and a senior executive from SWIFT as itcontinues efforts to recover around US$81 million of funds from its account, Reutersreported May 4, citing unnamed officials from Bangladesh's central bank.

Bangladesh Bank's governor, , will meet New York Fed PresidentWilliam Dudley and a SWIFT representative in Basel, Switzerland, around May 10,the central bank officials and another source said.

The two Bangladesh Bank officials said that the central bankbelieves both the New York Fed and SWIFT are partially responsible for thecyber heist. In the aftermath of the attack, the central bank saidit may sue the NewYork Fed over the stolen funds.

In April, SWIFT said hackers one of its client softwarethat the central bank uses. A malware was used to cover the illicit transfer offunds from the central bank's account.

The Bangladesh Bank officials noted that during the upcomingmeeting, Kabir will be accompanied by an official from the central bank'saccounts and budgeting department. Lawyers will also be at the meeting, one ofthem added.

A lawyer hired by the central bank to help retrieve itsstolen funds could not be reached for comment, while spokeswomen from the NewYork Fed and SWIFT declined to comment, the news outlet reported.