Regulatory Alerts2026-08-28
Added · Updated
Proposal of Special Measure Regarding Banque Misr UAE as a Financial Institution Operating Outside of the United States of Primary Money Laundering Concern
FinCEN proposes finding Banque Misr UAE, comprising five UAE-based branches of the Egypt-based state-owned commercial bank, to be of primary money laundering concern. The notice proposes imposing special measure five, which would prohibit U.S. financial institutions from opening or maintaining correspondent accounts for Banque Misr UAE and require them to take reasonable steps not to process transactions involving the entity. Additionally, covered financial institutions would be required to apply special due diligence to foreign correspondent accounts reasonably designed to guard against processing transactions involving Banque Misr UAE. Written comments on this notice of proposed rulemaking must be submitted on or before 30 days after publication in the Federal Register.
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