Resolution:
Till version 5.3.0 of TIBCO Adapter for Swift, BIC validation was not done when the BIC file was not supplied, even if it is turned on. In version 5.4.0 a new feature is added so that if the external BIC file is not supplied,  the BIC file shipped with product is used to do the BIC Validations. Please refer the "Validate BIC/BEI' section on page 70 in User's guide for more information on the same.

We would like to suggest you that you can either turn the BIC validation off, otherwise supply a BIC file(FI.dat) which contains the BIC codes that you are using in your messages.