LONDON: The UAE central bank said on Saturday it would conduct an “urgent examination” of transactions by Banque Misr branches in the Emirates.
The statement came after the United States said it would cut off the UAE-based operations of the Egyptian bank from US financial institutions.
The US Treasury accused Banque Misr UAE of helping the Iranian regime access US dollars and evade sanctions.
The UAE central bank said it had “decided to conduct a special and urgent examination that includes a forensic/in-depth lookback covering the period referred to in the statement issued by the US authorities.”
The investigation would focus on “banking transactions of the companies mentioned in the statement,” the central bank said.
Earlier, Banque Misr, which is headquartered in Cairo, said it was reviewing the US Treasury notice, and Egypt’s central bank said it was in contact with US officials over the matter.
The UAE central bank said it was studying options regarding the status of the bank if the US imposes the measures against it.
“The appropriate decision in this regard will be taken in due course, taking into consideration the obligations of the bank towards its customers in the UAE,” the central bank said.
The statement said that banks licensed in the Emirates are expected not to expose the UAE’s financial system to “reputational risks, to respect the laws and regulations of the countries whose financial institutions are used in conducting transactions, and not to misuse the advanced financial infrastructure of the UAE.”
It said the central bank routinely examines procedures against money laundering and terror financing at banks operating in the UAE.
The US Treasury accused Banque Misr UAE of processing an estimated $1.8 billion for 103 companies, which it said were part of “Iranian shadow banking networks.”
The action came days after Treasury Secretary Scott Bessent announced “economic D-Day” against Iran as the US moves to further choke off Tehran’s finances.
