The Financial Crimes Enforcement Network has proposed designating Banque Misr UAE as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act and barring it from U.S. correspondent banking. If finalized, the rule would prohibit U.S. covered financial institutions from opening or maintaining correspondent accounts for the bank and require reasonable steps to prevent foreign correspondent accounts from processing transactions involving it. FinCEN identified approximately USD 1.8 billion in transactions involving 103 potential Iranian shadow banking front companies between January 2024 and June 2026, including about USD 520 million during the latest 12-month period analyzed. Covered institutions would have to apply risk-based special due diligence, notify foreign correspondents known or suspected to provide services to Banque Misr UAE and prevent or, where necessary, terminate access. The proposal applies to Banque Misr’s five United Arab Emirates branches and excludes its operations in Egypt and other countries.
2026-08-28Financial Crimes Enforcement Network
Financial Crimes Enforcement Network proposes cutting Banque Misr UAE off from US correspondent banking over USD 1.8 billion in potential Iranian shadow banking activity
The Financial Crimes Enforcement Network has proposed barring Banque Misr UAE from U.S. correspondent banking after identifying about USD 1.8 billion in potential Iranian shadow banking activity. U.S. covered financial institutions would also have to prevent indirect access through foreign correspondent accounts and apply special due diligence. The measure would apply only to Banque Misr’s United Arab Emirates branches.