Federal Register #2026-17871

FinCEN Proposed Rule: Compliance Measures Targeting Banque Misr UAE for Money Laundering Concerns

This opportunity involves a proposed compliance rule from the Financial Crimes Enforcement Network (FinCEN), part of the Department of the Treasury, targeting Banque Misr UAE for money laundering concerns. - Government Buyer: - Financial Crimes Enforcement Network (FinCEN), Department of the Treasury - OEMs and Vendors Mentioned: - Banque Misr UAE (subject of the rule) - Services Requested: - Compliance and due diligence measures for U.S. financial institutions regarding correspondent accounts - Prohibit opening or maintaining correspondent accounts for Banque Misr UAE - Take reasonable steps to avoid processing transactions involving Banque Misr UAE - Apply special due diligence to foreign correspondent accounts to prevent their use in transactions with Banque Misr UAE - Notification requirements to correspondent account holders - Unique/Notable Requirements: - The rule targets compliance activities, not procurement of products or services - Focuses on preventing illicit finance and money laundering linked to Iranian shadow banking networks - Applies to all U.S. financial institutions maintaining foreign correspondent accounts - Ongoing compliance required as long as the regulation is in effect

Description

FinCEN is issuing a notice of proposed rulemaking under section 311 of the USA PATRIOT Act to designate the five United Arab Emirates-based branches of Banque Misr (Banque Misr UAE) as a financial institution of primary money laundering concern. The proposal includes prohibiting U.S. financial institutions from opening or maintaining correspondent accounts for Banque Misr UAE, requiring reasonable steps to avoid processing transactions involving Banque Misr UAE, and mandating special due diligence on foreign correspondent accounts to prevent their use in transactions involving Banque Misr UAE. Comments on the proposal must be submitted by October 1, 2026.

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