In line with the Central Bank of Bahrain's directives with the aim of enhancing oversight of cross-border payments, SICO has introduced a mandatory “Purpose Code” field for all cross-border SWIFT transfers.
The codes to be used, which are available in the link below, include all descriptions and details required to complete a cross-border SWIFT transaction.
The “Purpose Code” will be mandatory for all cross-border SWIFT payments effective 31 May 2021. We regret that we will not be able to process any payment instruction not containing the desired code after the date of effect.
