UAE Orders Forensic Review of Banque Misr Branches After U.S. Move
The review follows a proposal to cut Banque Misr UAE’s correspondent access to U.S. financial institutions over suspected Iranian shadow-banking links.
The Central Bank of the UAE ordered a forensic examination of Banque Misr’s UAE branches after the United States proposed restricting their access to the U.S. financial system over transactions potentially linked to Iranian shadow banking.
The review covers transactions involving companies named in the U.S. notice. The Financial Crimes Enforcement Network proposed barring U.S. financial institutions from opening or maintaining correspondent accounts for Banque Misr UAE under Section 311 of the USA PATRIOT Act.
The Treasury estimated that the branches processed approximately $1.8 billion for 103 companies potentially linked to Iranian shadow-banking networks between January 2024 and June 2026. The proposal remains subject to a 30-day public-comment period.
Banque Misr’s UAE branches continued normal operations under UAE rules. Separately, the Office of Foreign Assets Control sanctioned Reza Mohammad Taeedi, Bank Melli Iran’s Dubai branch manager, on Aug. 28. OFAC said Taeedi acted on behalf of Bank Melli and linked him to transactions involving Iran’s Islamic Revolutionary Guard Corps-Qods Force.
The Central Bank of the UAE’s March register lists Bank Melli Iran as a Dubai-based foreign bank with a conventional retail license. On Sept. 22, Banque Misr and National Bank of Egypt announced in-principle approval for NBE to acquire Banque Misr’s UAE branches, subject to UAE procedures.
