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The Central Bank of the United Arab Emirates has launched an urgent investigation into Banque Misr’s UAE branches following a U.S. move to restrict the lender’s access to the dollar clearing system over alleged financial links to Iran.
The UAE central bank said it ordered a “special and urgent examination” of transactions conducted by the state-owned Egyptian bank. The investigation will cover more than two years of activity identified in an enforcement action announced by U.S. authorities on Friday.
The regulatory scrutiny follows a decision by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to identify Banque Misr UAE as a “critical node” allegedly helping Tehran gain access to foreign currency.
According to the UAE central bank, the investigation will include an in-depth forensic review of the period cited by U.S. officials. Regulators will focus particularly on banking transactions involving companies named in the U.S. statement.
The central bank stressed that financial institutions operating in the UAE are expected to protect the country’s banking system from reputational and compliance risks.
It is also assessing possible regulatory measures concerning Banque Misr’s status in the UAE if the proposed U.S. restrictions take effect. At the same time, authorities said they would seek to ensure that the bank continues meeting its obligations to customers in the country.
FinCEN’s proposed action forms part of Washington’s “Operation Economic Outcast,” an initiative aimed at disrupting financial channels allegedly used by Iran to access international markets and foreign currencies.
The proposed rule has not yet taken effect and will undergo a 30-day public comment period. If implemented, the measure would target Banque Misr’s operations in the UAE by cutting them off from the U.S. dollar clearing system.
The U.S. action is limited to Banque Misr’s Emirati operations. It does not apply to the bank’s main business in Cairo or its other international branches, keeping the enforcement measure focused specifically on activities identified by U.S. authorities in the UAE.
