Treasury moves to cut Banque Misr's UAE branches off from U.S. banks over Iran ties

FinCEN proposed a Section 311 rule that would bar U.S. banks from keeping correspondent accounts for Banque Misr UAE, which Treasury says processed about $1.8 billion for 103 companies potentially tied to Iranian shadow banking between January 2024 and June 2026. OFAC also designated Reza Mohammad Taeedi, general manager of Bank Melli's Dubai branch, and Hong Kong-based Kameng Trading Limited.

Why this matters. It is the bank action Bessent promised when he launched Operation Economic Outcast on Aug. 24, aimed at Iran's Dubai money channels; Egypt's central bank said only Banque Misr's UAE branches are affected, not other Egyptian banks.