Egypt's Banque Misr Reviews US Iran Sanctions Notice, UAE Central Bank Launches Urgent Examination
The UAE central bank opened a forensic review after the U.S. Treasury sought to block the branches from dollar transactions over Iran dealings.
- On Saturday, Egypt's Banque Misr announced it is reviewing a U.S. Treasury notice to cut off its UAE branches from dollar transactions over alleged dealings with Iran.
- Treasury Secretary Scott Bessent implemented these sanctions as part of a campaign to increase economic pressure and break a stalemate six months into Washington's war with Iran.
- The Central Bank of the UAE launched a 'special and urgent examination' of Banque Misr's branches, including a forensic lookback at the period referenced in the U.S. statement.
- Regulators expect banks licensed in the UAE to respect international laws and avoid exposing the financial system to reputational risks or misusing its advanced financial infrastructure.
- Banque Misr maintains its UAE branch continues providing banking services to customers in accordance with all applicable rules and procedures despite the regulatory scrutiny.
39 Articles
39 Articles
Reformatorisch Dagblad
ABU DHABI (ANP/BLOOMBERG/RTR/AFP) - The central bank of the United Arab Emirates is going to investigate the major Egyptian bank Banque Misr. The move follows an announcement by the US Treasury Department, which wants to cut off the Egyptian bank's UAE branches from transactions in US dollars due to ties with Iran.
'Banque Misr to continue business as usual': UAE, Egypt central banks issue joint statement after US action
UAE and Egypt central banks affirmed coordination over Banque Misr's UAE branches after US action targeting their dollar transactions. They said the branches would take necessary measures to ensure Banque Misr continues its business as usual.
(Cairo=Yonhap News) Correspondent Kim Sang-hoon = The United Arab Emirates (UAE) and the Central Bank of Egypt [regarding] the Egyptian state-owned bank Bank Misr (B...) which is subject to sanctions by the U.S. Treasury Department
This is a direct consequence of US sanctions. The Central Bank of the United Arab Emirates has announced an inspection of the Emirati branches of the Egyptian state-owned Bank Misr. On Friday, Washington announced the exclusion of these institutions from the US financial system, accusing them of participating in financial transactions with Iran.
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