UAE Central Bank Launches Urgent Examination of Banque Misr Branches Following US Sanctions Over Iran Dealings

The United Arab Emirates Central Bank has initiated a 'special and urgent examination' of Banque Misr's branches in the country. This action follows a notice from the U.S. Treasury to cut off the UAE operations of Egypt's second-largest bank from the U.S. financial system, accusing it of conducting business with the Iranian government. The probe will include a forensic review of banking transactions from the period referred to by U.S. authorities. The UAE Central Bank emphasized that licensed banks in the UAE must adhere to local laws and regulations and avoid exposing the country's financial system to reputational risks. The U.S. Treasury estimates that Banque Misr UAE processed approximately $1.8 billion in transactions for companies potentially linked to Iranian 'shadow banking' networks between January 2024 and June 2026.