Banque Misr said on Saturday that it was reviewing a notice from the US Treasury Department concerning measures against its branches in the United Arab Emirates over their alleged dealings with Iran.
The move comes as Washington intensifies economic pressure on Iran, with US Treasury Secretary Scott Bessent seeking to tighten sanctions and financial restrictions amid the ongoing conflict and a prolonged diplomatic deadlock.
Banque Misr Responds to US Action
Banque Misr said its UAE branch continues to provide banking services to customers in accordance with applicable laws, regulations and internal procedures.
The bank did not provide further details on the specific transactions cited by US authorities, saying it was reviewing the Treasury Department’s notice.
UAE Central Bank Launches Urgent Review
Following the US action, the Central Bank of the UAE announced that it had launched a “special and urgent examination” of Banque Misr’s branches operating in the country.
The review will include a detailed examination of the branches’ activities during the period referenced in the US authorities’ statement, including a forensic lookback into the relevant transactions.
The UAE central bank stressed that banks operating under its supervision are expected to protect the country’s financial system from reputational risks and comply with the laws and regulations of countries whose financial institutions are involved in transactions.
It also warned against any misuse of the UAE’s advanced financial infrastructure.
The developments highlight growing scrutiny of financial institutions in the region as Washington seeks to increase pressure on Iran and restrict channels that could facilitate transactions involving sanctioned entities.
