Proposal of Special Measure Regarding Banque Misr UAE as a Financial Institution Operating Outside of the United States of Primary Money Laundering Concern
- Published
- Sep 1, 2026
- Comments close
- Oct 1, 2026
- Citation
- 91 FR 56085
- Agencies
- DEPARTMENT OF THE TREASURY, Financial Crimes Enforcement Network
Notice of proposed rulemaking.
Summary
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is proposing a “special measure” that would treat the five United Arab Emirates branches of Banque Misr as a primary money‑laundering risk. The rule would bar U.S. banks from opening or keeping a correspondent account for those branches, require them to avoid processing U.S. transactions that involve the UAE branches, and demand extra scrutiny of any foreign correspondent accounts that could be used to move money through Banque Misr UAE. The goal is to cut off a channel that could be exploited for illicit financing and to strengthen the U.S. anti‑money‑laundering system. The proposal comes from FinCEN, the Treasury agency charged with combating financial crime. It directly impacts U.S. financial institutions—banks, credit unions, and other entities that maintain correspondent accounts or process international payments—by imposing new prohibitions and due‑diligence requirements. Foreign banks that have correspondent relationships with U.S. institutions may also feel indirect effects, as their ability to move funds through the U.S. system could be limited if they involve Banque Misr UAE. The notice was published in the Federal Register on September 1, 2026 (91 FR 56085). Comments must be submitted by October 1, 2026. After the comment period, FinCEN will review the feedback, may make revisions, and then decide whether to adopt the rule. If finalized, the special measure would become enforceable after a later effective date specified in the final rule, and U.S. banks would need to adjust their compliance programs accordingly.
AI-generated summary — verify against the Federal Register text.
Official abstract
FinCEN is issuing a notice of proposed rulemaking, pursuant to section 311 of the USA PATRIOT Act, that finds the five United Arab Emirates-based branches of Banque Misr (collectively, Banque Misr UAE) to be of primary money laundering concern and proposes imposing a special measure to: prohibit U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, Banque Misr UAE; require U.S. financial institutions to take reasonable steps not to process a transaction for the correspondent account in the United States of a foreign banking institution if such a transaction involves Banque Misr UAE; and require U.S. financial institutions to apply special due diligence to their foreign correspondent accounts that are reasonably designed to guard against their use to process transactions involving Banque Misr UAE.
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