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 operating in the Emirates are continuing their business operations as usual. This comes after the US raised concerns about potential money-laundering activities. The US Treasury Department's Financial Crimes Enforcement Network proposed a rule that could revoke Banque Misr UAE's correspondent banking access to US financial institutions.

In response, the UAE and Egyptian central banks have pledged their cooperation and coordination in an urgent examination of Banque Misr's activities. Banque Misr has five branches in the UAE, and the investigation will include a forensic review of transactions linked to specific companies mentioned in the US statement. The central banks emphasized that Banque Misr UAE's branches will undertake all required actions during the specified period.