Banque Misr branches in Emirates 'conducting business as usual', UAE and Egypt regulators say

The UAE Central Bank and the Central Bank of Egypt have confirmed that Banque Misr branches in the Emirates are operating normally, following a US concern over money-laundering. The US Treasury Department's Financial Crimes Enforcement Network suggested a rule that could strip Banque Misr UAE of its access to US financial institutions.

The UAE Central Bank has initiated a special and urgent examination of the activities of Banque Misr's UAE branches. Egypt's Banque Misr operates five branches in the UAE, as per its website. The investigation will involve a forensic and in-depth review of the period mentioned in the US authorities' statement, focusing on banking transactions of the companies involved.

Both central banks have issued a joint statement on Sunday, expressing their cooperation and coordination regarding the matter. Banque Misr's UAE branches are said to be conducting all their business as usual, and the banks have noted that the branches will implement all necessary actions and measures during the specified period.