UAE Reviews Egypt Bank Branches Over US Dollar Restrictions
The UAE Central Bank announced an urgent inspection of Bank Misr's branches in the UAE following a proposed American move to restrict banking messaging services in dollars for the bank's branch in the UAE, due to concerns related to money laundering. The bank confirmed that the inspection focuses on corporate banking transactions and a review of anti-money laundering procedures and sanctions regulations. It is currently studying legal options after completing the necessary procedures, while the branch's services continue to be provided for the time being. Bank Misr clarified that the American action is limited to its UAE branch transactions and that it is committed to complying with laws. The bank emphasized that the measure does not include its branches in Egypt or abroad, reaffirming its continued service provision.
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