FinCEN Proposes Cutting Off U.S. Access for Five UAE Branches of Banque Misr

The Financial Crimes Enforcement Network (FinCEN) has proposed a rule to designate five branches of Banque Misr located in the United Arab Emirates as a “primary money laundering concern.” This designation is based on the agency’s assessment that these specific branches pose a significant risk to the U.S. financial system.

Why it matters: This action is a specific enforcement tool used to isolate foreign financial institutions that U.S. regulators believe are failing to stop illicit financial flows. While it does not ban all business with the parent bank in Egypt, it effectively severs the direct U.S. banking link for these specific UAE branches, forcing them to find alternative, likely more expensive, routes for any dollar-denominated transactions.

Who it affects

• U.S. banks and financial institutions that currently hold correspondent accounts for Banque Misr UAE branches.

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This is a proposed rule from the Treasury Department’s Financial Crimes Enforcement Network published in the Federal Register; readers should check the original document for the specific comment period dates and legal definitions before taking action.

Agency: Treasury Department, Financial Crimes Enforcement Network
Source: Federal Register — read the official document