Federal Register #FINCEN-2026-0232

FinCEN Proposes Regulatory Restrictions on Banque Misr UAE for Money Laundering Risks

This notice announces a proposed regulatory action by the Financial Crimes Enforcement Network (FinCEN), part of the Department of the Treasury, targeting illicit finance risks associated with Banque Misr UAE. - Government Buyer: - Financial Crimes Enforcement Network (FinCEN), Department of the Treasury - Targeted Entity: - Banque Misr UAE (United Arab Emirates-based branches of Banque Misr) - Regulatory Action (Not a Procurement): - Prohibits U.S. financial institutions from opening or maintaining correspondent accounts for Banque Misr UAE - Requires U.S. financial institutions to take reasonable steps to avoid processing transactions involving Banque Misr UAE - Mandates special due diligence and notification requirements for foreign correspondent accounts to prevent their use in transactions involving Banque Misr UAE - Notable Details: - Action is based on findings of significant money laundering and Iranian shadow banking activity (approx. $1.8 billion) - The rule specifically excludes Egypt-based Banque Misr and its branches outside the UAE - No products or services are being procured; this is a compliance and regulatory measure - No OEMs, vendors, or product/service procurement involved

Description

FinCEN is issuing a notice of proposed rulemaking under section 311 of the USA PATRIOT Act, finding the five UAE branches of Banque Misr to be 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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