After the U.S. sanctioned Banque Misr’s UAE branch in an Iran-related action, the Central Bank of the UAE said it expects banks licensed in the UAE to “not expose the UAE financial system to reputational risk” or “abuse the UAE’s advanced financial infrastructure.” The central bank said it will carry out an emergency inspection of the local branch, reiterated that the branch is subject to UAE laws and regulations, and is “studying possible special measures” against the bank. The U.S. Treasury sa

After the U.S. sanctioned Banque Misr’s UAE branch in an Iran-related action, the Central Bank of the UAE said it expects banks licensed in the UAE to “not expose the UAE financial system to reputational risk” or “abuse the UAE’s advanced financial infrastructure.” The central bank said it will carry out an emergency inspection of the local branch, reiterated that the branch is subject to UAE laws and regulations, and is “studying possible special measures” against the bank. The U.S. Treasury said the sanctions are part of intensified U.S. economic action targeting Iran and its international financial partners and will cut off the branch’s access to dollar transactions.