UAE Central Bank orders urgent probe into Banque Misr branches after US warning

The UAE Central Bank has initiated an urgent investigation into the branches of Banque Misr operating in the UAE. This action follows a warning from U.S. authorities regarding money laundering concerns. The probe will include a forensic review of banking transactions of companies mentioned in the U.S. statement, covering the period referred to by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). FinCEN had proposed revoking Banque Misr UAE's correspondent banking access to U.S. financial institutions.