Regulatory Alerts2025-06-03
Added
ABD Circular No. 01: Regarding ISO 20022 Standard Migration on SWIFT System
The Bangladesh Bank mandates all scheduled banks operating in the country to complete preparations for migrating SWIFT system transactions from the MT format to the ISO 20022 MX format by June 2025. Banks are required to initiate testing in July 2025, provide necessary staff training, and ensure live operations are established by October 2025. This directive enforces the SWIFT Corporation's final deadline of November 22, 2025, after which MT message transactions will no longer be supported on the SWIFT system.
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Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh.
Accounts and Budgeting Department
ABD Circular No. 1
Date: 20 Joishtha, 1432 03 June, 2025
Managing Directors and Chief Executives All Scheduled Banks Operating in Bangladesh
Dear Sir,
Regarding ISO 20022 Standard Migration on SWIFT System.
The SWIFT system is a globally accepted, reliable, and widely used messaging platform for Interbank Transactions, including international transactions. Scheduled banks, along with the central bank in Bangladesh, are users of the SWIFT system. SWIFT has set a final deadline of November 22, 2025, for the global migration from the existing MT format to the MX format in the ISO 20022 standard for messages. After this time, MT message transactions will not be possible for payment messages on the SWIFT system.
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In the aforementioned context, sufficient time will be required for all scheduled banks operating in the country to complete all preparations and testing for the migration of SWIFT system transaction messages before the aforementioned final deadline, provide necessary training to relevant personnel, identify technical and operational issues during testing, resolve emerging issues, and, if necessary, exchange views with all relevant parties and stakeholders, issue necessary policy guidelines, and carry out other activities.
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To this end, preparations for ISO 20022 migration must be completed by June 2025, testing activities must begin in July, and necessary measures must be taken to provide training to personnel, identify issues (if any), and resolve emerging issues. Relevant stakeholders and the Bangladesh Bank must be informed, and live operations must be ensured as much as possible by October 2025.
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This directive is issued under the powers conferred by Section 45 of the Bank Company Act, 1991.
Yours faithfully,
Signature 03.06.2025 (Md. Moinul Islam) Director (ABD) Bangladesh Bank, Head Office, Dhaka. Phone No-9530143
Phone: 88-02-9550448, 9554896, IP: 88-02-55685001-6, Fax: 88-02-9530479, Web: www.bb.org.bd