UAE Central Bank Probes Banque Misr Branches Over $1.8B US FinCEN Iran Action

The Central Bank of the UAE initiated an urgent forensic review of Banque Misr's five local branches on August 29. The move followed a FinCEN notice designating Banque Misr UAE as a financial institution of primary money laundering concern under the USA PATRIOT Act. FinCEN alleged the UAE branches processed approximately $1.8B across roughly two and a half years for 103 entities tied to Iranian shadow banking networks. If finalized, the proposed rule will bar US financial institutions from maintaining correspondent accounts for the bank's five UAE branches, while leaving headquarters in Egypt and branches in France, Germany, and Saudi Arabia unaffected. The action forms part of Operation Economic Outcast, a six-month campaign led by Treasury Secretary Scott Bessent to disrupt Iranian state financing networks.