Policy & Legal Updates
FinCEN Proposes Rule Revoking Banque Misr UAE Correspondent Banking Access
The U.S. Financial Crimes Enforcement Network has issued a proposed rule to designate Banque Misr UAE as a primary money laundering concern under Section 311 of the USA PATRIOT Act. The proposal seeks to sever the bank's U.S. correspondent banking access in connection with Treasury's Operation Economic Outcast targeting Iranian illicit finance networks. Public comments on the proposed rulemaking remain open until October 1, 2026.
