The Central Bank of the UAE and the Central Bank of Egypt issued a joint statement affirming continued cooperation and coordination regarding Banque Misr’s UAE branches following the U.S. Treasury’s proposed special measure against the bank. The authorities said the branches continue to conduct business as usual and will take all necessary actions and measures within the period specified for that purpose. \n\nThe statement follows an earlier Central Bank of the UAE announcement that it would conduct a special and urgent examination of Banque Misr’s UAE branches, including a forensic and in-depth lookback covering the period referenced by U.S. authorities, while studying available options for the bank’s status if the U.S. measure is ultimately imposed. The U.S. Treasury’s Financial Crimes Enforcement Network proposed prohibiting U.S. financial institutions from opening or maintaining correspondent accounts for Banque Misr UAE after finding it to be a financial institution of primary money laundering concern. Treasury estimated that the bank processed about USD 1.8 billion for 103 companies potentially linked to Iranian shadow banking networks between January 2024 and June 2026.
2026-08-30Central Bank of the UAE
Central Bank of the UAE and Central Bank of Egypt affirm Banque Misr UAE branches continue business as usual amid proposed U.S. special measure
The Central Bank of the UAE and the Central Bank of Egypt said Banque Misr’s UAE branches continue to operate as usual while the authorities coordinate their response to a proposed U.S. special measure. The statement follows the CBUAE’s decision to conduct an urgent forensic review of the branches and a U.S. Treasury proposal to cut Banque Misr UAE off from U.S. correspondent banking access.