US Targets Banque Misr UAE's Dollar Access Over Iran-Linked Transactions

FinCEN proposed cutting Banque Misr UAE's correspondent banking access — the channels letting foreign banks transact in dollars through US institutions. The bank's UAE branches allegedly processed $1.8 billion for 103 companies tied to Iranian networks linked to Iran's Defence Ministry and the IRGC. Treasury Secretary Bessent called it a first accountability step. The rule takes effect after public comment.