Overview
- The U.S. Financial Crimes Enforcement Network proposed the special measure on Friday, saying it designated Banque Misr’s UAE branches as a primary money‑laundering concern and opening a roughly 30‑day public comment window before any final rule.
- FinCEN alleges the UAE operation processed about $1.8 billion in transactions for 103 companies between January 2024 and June 2026 that may be linked to Iranian shadow‑banking networks.
- If finalized the rule would bar U.S. banks from opening or maintaining correspondent accounts for the five UAE branches, which would sharply limit those branches’ ability to clear U.S. dollar payments while leaving the bank’s Egyptian headquarters and other foreign branches untouched.
- The Central Bank of the UAE ordered a special and urgent forensic review focused on the transactions cited by the U.S., and it is coordinating with the Central Bank of Egypt; both regulators say the UAE branches are currently conducting business as usual.
- The action is part of the Treasury’s broader Operation Economic Outcast campaign to choke Iran’s financial channels and could prompt local enforcement, diplomatic friction between Egypt, the UAE and the U.S., and practical disruption for customers who rely on dollar services if the measure is finalized.