With reference to Society for Worldwide Interbank Financial Telecommunication (SWIFT), consider the following statements:1.It is merely a platform that sends messages and does not hold any securities or money.2.It is owned and controlled by the Bank for International Settlements (BIS).Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A

Notes:

Statement 1 is correct:It is merely a platform that sends messages and does not hold any securities or money.
Statement 2 is incorrect: SWIFT is owned and controlled by its shareholders (financial institutions) representing approximately 3,500 firms from across the world.

Source: Article

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