The Central Bank of the UAE ordered an urgent forensic review of Banque Misr’s five branches in the country on August 29. This action followed the Financial Crimes Enforcement Network’s designation on August 28 of Banque Misr UAE as a financial institution of primary money laundering concern under the USA PATRIOT Act. FinCEN alleged that these branches processed approximately $1.8 billion in transactions for 103 companies potentially linked to Iranian shadow banking networks between January 2024 and June 2026. If finalized, the proposed rule would prohibit US financial institutions from opening or maintaining correspondent accounts for these five UAE branches. This review is part of Operation Economic Outcast, the US Treasury’s campaign targeting networks allegedly facilitating Iranian government financing.
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