DUBAI,— The United Arab Emirates central bank said Saturday it would carry out a “special and urgent examination” of Banque Misr’s branches in the country, days after the United States moved to cut the Egyptian lender’s UAE units off from dollar transactions over alleged dealings with Iran.
The review will include a forensic, in-depth lookback covering the period named in the statement issued by U.S. authorities, the central bank said.
In its statement, the central bank said it expects banks licensed in the UAE 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 UAE’s advanced financial infrastructure.
Banque Misr said separately Saturday that it was reviewing the U.S. Treasury notice.
The bank said its branch in the UAE continues to provide banking services to its customers in accordance with applicable rules and procedures.
The U.S. sanctions on the Egyptian bank are part of Treasury Secretary Scott Bessent’s campaign to increase economic pressure on Iran, as Washington seeks to break a stalemate six months into its war with Iran.
(With files from Reuters)
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