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On August 28, 2026, the Financial Crimes Enforcement Network (FinCEN) released a Notice of Proposed Rulemaking (NPRM) proposing a special measure regarding Banque Misr UAE, a financial institution operating outside the United States, as a primary money laundering concern. FinCEN's proposal aims to address money laundering risks associated with Banque Misr UAE's operations. Special measures under the Bank Secrecy Act (BSA) are enforcement tools that FinCEN uses to combat financial institutions that pose significant money laundering or terrorist financing risks. These measures can include enhanced due diligence requirements, restrictions on correspondent banking relationships, or other targeted actions designed to mitigate identified risks. The designation of Banque Misr UAE as a primary money laundering concern reflects FinCEN's assessment that the institution's activities warrant regulatory intervention to protect the U.S. financial system from illicit funds flows and associated risks. The proposal impacts financial institutions that maintain correspondent banking relationships with Banque Misr UAE or conduct transactions involving the institution. U.S. banks and other financial institutions subject to BSA requirements will need to monitor developments and prepare for potential compliance obligations should the special measure be finalised. FinCEN is accepting public comments on the proposed rulemaking. Interested parties, including financial institutions, industry associations, and other stakeholders, should review the full NPRM and submit comments during the designated comment period. The agency will consider feedback before issuing a final rule. Further details regarding comment submission procedures and deadlines are available on FinCEN's website. REFERENCES: Financial Crimes Enforcement Network. "Proposal of Special Measure Regarding Banque Misr UAE as a Financial Institution Operating Outside of the United States of Primary Money Laundering Concern." August 28, 2026. https://www.fincen.gov/news/news-releases/proposal-special-measure-regarding-banque-misr-uae-financial-institution-operating

On August 28, 2026, the US Department of the Treasury announced joint financial crime actions targeting Iran’s access to the global financial system as part of "Operation Economic Outcast". According to the Treasury, the actions aim to sever the Iranian regime's remaining economic lifelines by cutting off foreign financial institutions and shadow banking networks that facilitate its sanctions evasion, money laundering and terrorism funding. Specifically, the US Financial Crimes Enforcement Network (FinCEN) issued a proposed rule that would revoke the US correspondent banking access of United Arab Emirates (UAE)-based Banque Misr UAE. FinCEN assesses that the bank serves as a critical node for the Iranian regime's access to US dollars, estimating that between January 2024 and June 2026, Banque Misr UAE processed approximately $1.8bn for companies potentially linked to Iranian shadow banking networks. FinCEN additionally identified that the bank's customers include apparent front companies used by Iran's Ministry of Defense and the Islamic Revolutionary Guard Corps (IRGC), as well as networks laundering money on behalf of Iranian Supreme Leader Mojtaba Khamenei. Interested parties may submit comments on the proposed rule at this link up to 30 days after its publication in the Federal Register. In coordination with FinCEN's action, the US Office of Foreign Assets Control (OFAC) also sanctioned one individual, Reza Mohammad Taeedi, and one entity, Kameng Trading Limited, associated with these illicit financial networks. As a result of the new sanctions designations, all US-based property and interests of these targets are blocked, and US individuals and entities are generally prohibited from engaging in transactions with them, unless expressly authorized by OFAC.

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Financial Crimes Enforcement Network Proposes Special Measure Against Banque Misr UAE as Primary Money Laundering Concern

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US Department of the Treasury Targets Iranian Access to UAE Banks under "Operation Economic Outcast"