The Central Bank of the UAE (CBUAE) launched a special and urgent examination of Banque Misr’s five UAE branches on August 29, a day after the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), the agency overseeing U.S. anti-money-laundering rules, proposed cutting those operations off from the American financial system. FinCEN’s August 28 notice designated Banque Misr UAE a financial institution of primary money laundering concern under the USA PATRIOT Act, one of the most severe tools available to U.S. authorities. The notice alleges that the branches processed roughly $1.8 billion in transactions for 103 companies that may be connected to Iranian shadow banking networks between January 2024 and June 2026. If finalized, the proposal would bar U.S. financial institutions from opening or maintaining correspondent accounts, which banks use to access one another’s services, for the five UAE branches. Banque Misr’s headquarters in Egypt and its branches in France, Germany and Saudi Arabia would not be affected. The CBUAE ordered a forensic review within 24 hours of the announcement, while Banque Misr said it remained committed to serving customers as it reviewed the notice. The bank is Egypt’s second-largest financial institution and is state-owned. The action forms part of Treasury Secretary Scott Bessent’s Operation Economic Outcast, a campaign running for roughly six months against banks and financial networks allegedly facilitating Iranian government financing. Investors are watching whether the UAE review prompts local enforcement action and whether similar FinCEN proposals target other Gulf banks.