US Treasury Targets Banque Misr UAE Over Alleged Iran Links
Banque Misr has issued a statement clarifying that a proposed US dollar curbs target its UAE branch, not its Egyptian operations.
The move comes after the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule prohibiting US financial institutions from maintaining correspondent accounts for Banque Misr UAE.
Banque Misr stated that the measure remains a Notice of Proposed Rulemaking (NPRM), subject to a formal period for receiving and reviewing comments before any final rule is issued.
The bank added that it will communicate with the US Treasury to obtain further information and maintain cooperation with the relevant authorities as it prepares its legal and regulatory response within the specified timeframe.