The UAE's central bank issued a statement on Saturday announcing the initiation of a special emergency review of Misr Bank branches operating in the country. Just a day ago, the US Treasury proposed restrictions, accusing the bank of transactions linked to Iran's shadow banking network. This review will carry out in-depth retrospective inspections at the judicial level, covering the relevant period mentioned by the US side, and focusing on verifying transactions involving enterprises named by the US side. The statement said that the UAE branch of Misr Bank must abide by local laws and regulations; licensed banks must not expose the UAE financial system to “reputational risk.” At the same time, the UAE Central Bank said that if the US finally implements this proposed special measure after completing the relevant legal procedures, the authorities are studying the bank's disposal options within the UAE. The US Treasury Department proposed on Friday to cut off the channel for Misr Bank UAE branch to obtain agency services from US financial institutions on the grounds that the branch is involved in transactions related to Iran's shadow banking network.

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