FinCEN proposes US correspondent banking ban on Banque Misr UAE

WASHINGTON, August 28, 2026 — The US Financial Crimes Enforcement Network has proposed prohibiting US financial institutions from maintaining correspondent accounts for Banque Misr UAE, but the restriction has not yet taken effect.

FinCEN issued a notice of proposed rulemaking identifying Banque Misr UAE as a financial institution of “primary money laundering concern” under Section 311 of the USA PATRIOT Act.

If finalized, the rule would prohibit US financial institutions from opening or maintaining correspondent accounts for Banque Misr UAE and would require additional due diligence designed to prevent indirect access to the US financial system.

For now, however, the action remains a proposal. No final rule has been issued, and US financial institutions are not yet subject to the proposed prohibition.

FinCEN said Banque Misr UAE processed about $1.8 billion in transactions between January 2024 and June 2026 for 103 companies that may have links to Iranian shadow banking networks. Treasury said some of those entities appeared to be front companies connected to Iran’s Ministry of Defense and the Islamic Revolutionary Guard Corps.

The proposed measure applies only to Banque Misr UAE and does not extend to Banque Misr operations in other jurisdictions.

FinCEN will accept public comments for 30 days following publication of the proposal in the Federal Register. Any restrictions would depend on the agency completing the rulemaking process and issuing a final rule.