The Central Bank of the UAE has initiated an urgent examination of local branches of Bank Melli Iran. This move follows pressure from the US Treasury, which sanctioned the general manager of the bank's Dubai branch, Reza Mohammad Taeedi, on August 28 under Executive Order 13224.
The US Treasury alleges that Bank Melli Iran facilitated financial transactions for the Islamic Revolutionary Guard Corps-Qods Force. This action is part of a broader US initiative called Operation Economic Outcast, aimed at disrupting Iranian shadow banking networks across the Middle East and North Africa.
Egypt’s Banque Misr is also under scrutiny. The US Financial Crimes Enforcement Network proposed revoking its access to US correspondent accounts, alleging the bank processed $1.8 billion in transactions linked to Iranian networks between January 2024 and June 2026.
The UAE Central Bank is currently reviewing Banque Misr’s local branches as well. As of September 23, 2026, neither Bank Melli Iran nor Banque Misr has had their UAE licenses revoked or their branches shut down. On September 22, the National Bank of Egypt received preliminary approval to acquire Banque Misr’s UAE operations.
