Arab Finance: The Central Bank of Egypt (CBE) said that measures proposed by the US Department of the Treasury concerning Banque Misr’s operations in the UAE are limited to its Dubai branch and its USD transactions with correspondent banks, according to a statement.

The Financial Crimes Enforcement Network (FinCEN) has proposed restricting Banque Misr UAE’s access to correspondent banking services provided by US financial institutions over its ties to Iran.

FinCEN claimed that Banque Misr UAE processed around $1.8 billion between January 2024 and June 2026 for 103 companies that are potentially part of Iran’s shadow banking network.

Both the CBE and the Ministry of Foreign Affairs are currently following up with US authorities regarding the matter.

The CBE noted that the impact of the US measures does not extend to any banks operating in Egypt, including Banque Misr in Egypt, or to any of its other overseas branches.

Meanwhile, the Central Bank of the UAE (CBUAE) reviewed the issued statement and affirmed that Banque Misr’s branches operating in the UAE are subject to the laws and regulations applicable in the country.

In this regard, it decided to conduct a special and urgent examination of the bank, including a detailed review covering the period cited in the US authorities’ statement, with a particular focus on the banking transactions of the companies named in the report.

The CBUAE said it will take the appropriate decision in due course, while taking into account Banque Misr’s obligations toward its customers in the UAE.