Central Bank conducts urgent review of Banque Misr UAE branches
The Central Bank of the United Arab Emirates confirmed that the branches of Bank Misr operating within the country are fully subject to UAE laws and regulations. It is currently conducting a special and urgent inspection to review anti-money laundering and counter-terrorism financing procedures, particularly concerning the period referenced in the American statement regarding concerns related to external financial activities. The Central Bank explained that it regularly monitors the effectiveness of the banks' electronic systems and emphasizes that these systems should not be misused to compromise the UAE’s financial infrastructure. It is also currently discussing the available options regarding the bank's situation should American measures be taken against it, with a focus on safeguarding clients' interests and the bank's commitments.
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