Treasury Sanctions Banque Misr

WashingtonSix Banque Misr branches lost US dollar access.

Egyptian depositors with no Iran exposure face the fallout of a bank’s compliance retreat.

Treasury invoked the PATRIOT Act’s Section 311, accusing the United Arab Emirates branches of routing $1.8 billion for suspected Iranian front companies.

The rule takes public comment for 30 days before Banque Misr’s US dollar access formally ends.

Sources: Middle East Eye, Al-Monitor, POLITICO