US Moves to Cut Banque Misr UAE's Dollar Access Over $1.8B in Iran-Linked Transactions

FinCEN proposed revoking Banque Misr UAE's correspondent banking access to US institutions, accusing the bank's UAE branches of processing roughly $1.8 billion for 103 companies tied to Iranian shadow banking networks linked to Iran's Ministry of Defence and the IRGC. Treasury Secretary Bessent called it the first step in holding the bank accountable. The rule takes effect after a public comment period.