UAE Central Bank orders urgent Banque Misr review after US proposal
Abu Dhabi: The Central Bank of the UAE reviewed the issued statement of yesterday by the U.S. authorities regarding Proposal of Special Measure Regarding Banque Misr UAE branches, as a Financial Institution Operating Outside of the United States of Primary Money Laundering Concern. The Central Bank would like to emphasise the following: 1- Branches of Banque Misr operating in the UAE are subject…
The Central Bank of the UAE has ordered an urgent review of Banque Misr's operations following a US proposal for special measures concerning the UAE branches of the bank. The Central Bank emphasized that the UAE-based branches of Banque Misr must comply with local laws and regulations, respect the laws of countries where the bank conducts transactions, and avoid misusing the UAE's financial infrastructure.
The bank will undergo a thorough, forensic examination of its transactions, particularly those involving the entities mentioned in the US statement. The Central Bank is also exploring various options regarding the bank's status if the special measures are imposed, with the final decision hinging on the bank's obligations towards its customers in the UAE.
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- UAE Central Bank orders urgent Banque Misr review after US proposal gulfnews.com
