At ila, we are keen to ensure that any international transfer transaction initiated through any available channels is smooth. A critical part of this commitment is to keep you informed of important regulatory changes that may affect your banking needs.
The Central Bank of Bahrain introduced a new Purpose of Payment Codes required for all cross-border SWIFT payments from bank accounts in Bahrain.
The main objective of capturing these codes is to enhance oversight of all outgoing financial transfers to and from Bahrain. These purpose codes will also enable greater transparency and reporting on all your cross-border payments.
For the complete list of Payment Purpose Codes, examples of use, and their descriptions
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