UAE Central Bank to Inspect Egypt Bank Branches
The Central Bank of the United Arab Emirates has decided to conduct an urgent and thorough inspection of Bank of Egypt’s branches in the UAE following a proposal by the U.S. Treasury Department to prevent the bank's affiliated institutions from opening or maintaining correspondent banking accounts, as part of efforts related to sanctions concerning Iran. The bank clarified that the inspection will cover the period of the American proposal and will focus on the banking transactions of the involved companies, while also exploring options regarding the status of the Egyptian bank if new measures are imposed. The bank emphasized that this process aims to avoid impacting its clients and to ensure compliance with local and international laws. It is worth noting that the U.S. Treasury Department and Bank of Egypt are currently studying potential measures, after it was estimated that the Saudi bank processed approximately $1.8 billion between January 2024 and June 2026 on behalf of companies that may be linked to Iranian activities.
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