UAE Central Bank Inspects Bank of Egypt
The Central Bank of the UAE has decided to conduct an urgent inspection of Bank Misr’s branches in the UAE after American authorities proposed restricting the bank’s access to dollar banking services due to transactions linked to Iranian shadow networks and money laundering. The U.S. Treasury Department estimated that the bank handled approximately $1.8 billion for companies suspected of being front organizations used by Iran to circumvent sanctions, between January 2024 and June 2026. This measure comes as part of the implementation of proposed American sanctions, which are still under review and have not yet entered into final effect. Meanwhile, Bank Misr announced that the measures are limited to its branches in the UAE, and it is continuing communication with the American authorities to address the issue.
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