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US proposes revoking US dollar access for Banque Misr's UAE branches

FinCEN accuses the Egyptian bank's foreign branches of facilitating $1.8 billion in transactions for Iranian banking networks.

Updated Aug 30, 2026 · 14:35 UTC1 reports

The short version

  • The US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule to cut off Banque Misr UAE's access to correspondent banking in US dollars.
  • US officials allege the UAE branches processed roughly $1.8 billion for Iranian shadow banking networks, including entities tied to Iran's defense ministry and the Islamic Revolutionary Guard Corps.
  • The measure specifically targets Banque Misr's UAE branches and does not apply to its operations in Egypt or other foreign locations.
  • Banque Misr stated it is reviewing the notice, while the UAE central bank launched an urgent forensic investigation into the bank's local operations.

Key facts

  • FinCEN proposed a regulatory rule that would revoke Banque Misr UAE's correspondent banking access to US financial institutions.[Al Jazeera]
  • The US Treasury estimated that Banque Misr UAE processed approximately $1.8 billion for 103 companies linked to Iranian shadow banking networks between January 2024 and June 2026.[Al Jazeera]
  • The Central Bank of Egypt and Egypt's Foreign Ministry stated they are in contact with US authorities and emphasized that the measure is limited to Banque Misr's UAE branches.[Al Jazeera]
  • The Central Bank of the UAE announced an urgent examination and forensic lookback of Banque Misr's branches within the country.[Al Jazeera]
  • The proposed US rule is subject to a public comment period and is expected to take effect 30 days after that process concludes.[Al Jazeera]
  • Additional sanctions were announced against Reza Mohammad Taeedi of Iran's Bank Melli and Hong Kong-based Kameng Trading Limited.[Al Jazeera]

What remains uncertain

  • The outcome of the US official comment period and whether the proposed rule will be modified before final implementation remain undetermined.[Al Jazeera]
  • The findings of the UAE central bank's forensic examination into Banque Misr's operations have not yet been completed or released.[Al Jazeera]

Sources