UAE central bank to inspect Banque Misr branches after US sanctions

The UAE central bank has announced a special and urgent examination of Banque Misr's branches in the country. This decision comes after the US authorities imposed sanctions on the bank, citing its dealings with Iran. The examination will include a forensic and in-depth review of Banque Misr's activities during a specific period, as referenced in the US statement.

According to the UAE central bank, Banque Misr's branches in the country are subject to local laws and regulations. The bank is expected to comply with these regulations and avoid exposing the UAE's financial system to reputational risks. The central bank also emphasized that it periodically reviews the procedures for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) at banks operating in the UAE.

The US Department of the Treasury has taken action to cut off Banque Misr's UAE branches from dollar transactions due to their dealings with Iran. The US Financial Crimes Enforcement Network (FinCEN) has proposed a rule that would prohibit these branches from accessing correspondent banking services with US financial institutions, as per Ajel English.

Brief written by urgent.news from Middle East Eye, Gulf News, Ajel English — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.