UAE Regulator Launches Banque Misr Transaction Examination Arabian Post
Arabian Post Staff -Dubai
The Central Bank of the UAE has ordered a special and urgent examination of Banque Misr's branches in the country after US authorities identified the lender's UAE operations as a primary money laundering concern and proposed cutting their access to the US financial system.The regulator said the examination would include a forensic, in-depth lookback covering the period cited by US authorities, with particular focus on transactions involving companies named in the American statement. It is also considering options for the status of Banque Misr's UAE branches if Washington proceeds with the proposed special measure.
The action follows a notice of proposed rulemaking issued on Friday by the US Treasury Department's Financial Crimes Enforcement Network, or FinCEN. The agency proposed prohibiting US financial institutions from opening or maintaining correspondent accounts for, or on behalf of, Banque Misr UAE, a step that would sharply restrict its ability to conduct dollar-linked business through the American banking system.
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