The US Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed rules on August 28 to cut off Banque Misr’s UAE branches from US correspondent banking channels. FinCEN alleges that these branches processed approximately $1.8 billion in transactions involving 103 companies between January 2024 and June 2026, linking the activity to Iranian financial networks. The proposed action falls under Section 311 of the USA PATRIOT Act, which would effectively sever access to the US dollar clearing system for the Egyptian state-owned bank’s five UAE branches. In response, the Central Bank of the UAE and the Central Bank of Egypt issued a coordinated statement confirming that normal operations would continue during the 30-day public comment period, with no impact on Banque Misr’s Egyptian operations.
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