UAE regulator launches Banque Misr transaction examination
Arabian Post Staff -Dubai The Central Bank of the UAE has ordered a special and urgent examination of Banque Misr’s branches in the country after US authorities identified the lender’s UAE operations as a primary money laundering concern and proposed cutting their access to the US financial system. The regulator said the examination would include a forensic, in-depth lookback covering the period…
Dubai's Central Bank has launched an in-depth examination of Banque Misr's UAE branches following claims by US authorities that the lender's operations in the country posed a significant money laundering risk. The regulator plans to conduct a forensic investigation of transactions involving companies linked to Iranian shadow banking networks, a period during which Banque Misr UAE allegedly processed over $1.8 billion.
US authorities allege Banque Misr UAE facilitated access to dollars and financial channels for entities associated with Iran's Ministry of Defence and the Islamic Revolutionary Guard Corps, potentially enabling Iran's supreme leader to launder funds. The US Treasury Department's proposed measure would prohibit US financial institutions from opening or maintaining correspondent accounts for Banque Misr UAE, potentially restricting its ability to conduct dollar-linked business through the American banking system.
The proposed rule is currently a proposal rather than a final regulation, with a 30-day comment period for interested parties to submit responses before the US agency decides on the final restriction.
Written by urgent.news from Arabian Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
