UAE and Egypt Central Banks: Banque Misr branches in Emirates ‘conducting business as usual’

The Central Bank of the UAE and the Central Bank of Egypt announced in a joint statement on Sunday that branches of Banque Misr in the United Arab Emirates are conducting all their business as usual. This follows concerns raised by the US Treasury Department's Financial Crimes Enforcement Network (FinCEN), which proposed a rule to revoke the correspondent banking access of Banque Misr's UAE branches to US financial institutions. In response, the UAE Central Bank initiated a special and urgent examination of the lender's activities. This investigation includes a forensic lookback at banking transactions involving companies mentioned in the US statement. Both central banks affirmed their full and continuous cooperation regarding the matter, noting that the branches of Banque Misr in the UAE will take all necessary measures within the specified timeframe.