BREAKING: US to cut off UAE branches of Egypt’s Banque Misr from dollar system over Iran links

Regulatory Watch News

• 

  Iran’s Access to UAE Banks Targeted Under Operation Economic Outcast

  US Department of the Treasury

  August 28, 2026

  Banque Misr UAE Processed Suspected Billions for Iranian Regime in Just 2.5 Years WASHINGTON, D.C. —Today, under Operation Economic Outcast, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions. “Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,” said Secretary of the Treasury Scott Bessent. “We also warned that Iran’s enablers cannot continue to enjoy access to the U.S. dollar and the global financial system. Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime.”

• 

  SEC: 38 Entities Feigned Legitimacy as U.S. Advisers Through False Filings to Lure Retail Investors

  SEC

  August 28, 2026

  The Securities and Exchange Commission today charged 38 entities alleging that they made material misrepresentations in Forms ADV filed with the Commission between 2025 and 2026 to falsely portray themselves as legitimate advisory firms to U.S. investors. The complaints also allege that the defendants, a number of whom used IP addresses that were tracked to foreign jurisdictions to connect to the Commission’s filing system, failed to respond to requests by Commission counsel to provide records to substantiate information on their Forms ADV.  

• 

  FinCEN Proposes Rule that Would Revoke Banque Misr UAE’s Correspondent Banking Access to U.S. Financial Institutions

  FinCEN

  August 28, 2026

  Today, under Operation Economic Outcast, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions. FinCEN issued a notice of proposed rulemaking (NPRM) finding that Banque Misr in the United Arab Emirates (UAE) is a financial institution operating outside the United States of primary money laundering concern. In the NPRM, FinCEN proposes, pursuant to section 311 of the USA PATRIOT Act, prohibiting U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, Banque Misr UAE.