The Central Bank of the UAE has ordered an urgent special inspection of Banque Misr’s UAE branches after the US Financial Crimes Enforcement Network proposed cutting their access to US correspondent banking. The in-depth review will cover the period cited by US authorities and focus on transactions involving companies named in the US notice. US authorities estimated that the branches processed about USD 1.8 billion for 103 companies potentially linked to Iranian shadow banking networks between January 2024 and June 2026. The Central Bank of the UAE is assessing its options if the proposed US measure is finalized and will consider the bank’s obligations to customers in the UAE. It also reiterated that UAE-licensed banks must comply with applicable domestic rules, respect the laws of jurisdictions whose financial systems they use and maintain effective anti-money laundering, counterterrorist financing and sanctions-screening controls.
2026-08-29Central Bank of the UAE
Central Bank of the UAE orders urgent special inspection of Banque Misr UAE branches following proposed US correspondent banking restrictions
The Central Bank of the UAE has ordered an urgent special inspection of Banque Misr’s UAE branches after FinCEN proposed restricting their access to US correspondent banking. The review will cover the period cited by US authorities and focus on transactions involving named companies, after US authorities estimated that the branches processed about USD 1.8 billion for 103 companies potentially linked to Iranian shadow banking networks between January 2024 and June 2026. The Central Bank is also assessing its options if the proposed US measure is finalized, taking into account the bank’s obligations to UAE customers.