The Central Bank of the UAE said Saturday in a statement that it had ordered a special and urgent examination of Banque Misr branches operating in the country, a day after the US Treasury proposed restrictions over transactions it linked to Iranian shadow-banking networks.
The review will include a forensic and in-depth lookback covering the period cited by US authorities, with a focus on transactions involving companies named in the US statement.
The central bank stressed that Banque Misr’s UAE branches are subject to local laws and regulations and said licensed banks must not expose the UAE financial system to “reputational risks,” according to the statement.
It also said it was studying options regarding Banque Misr’s status in the UAE if the proposed US special measure is ultimately imposed after completion of the relevant legal process.
The US Treasury on Friday proposed cutting Banque Misr’s UAE branch off from correspondent banking services provided by US financial institutions over transactions it linked to Iranian shadow-banking networks.
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