Egypt’s Banque Misr says it is reviewing a US Treasury notice to cut off its UAE branches from dollar transactions over their dealings with Iran, while the UAE central bank said it had launched an urgent examination of the branches following the US action, Reuters reports.

The UAE central bank says it has decided to conduct a “special and urgent examination” of Banque Misr’s branches in the country, including “a forensic/in-depth lookback covering the period referred to in the statement issued by the US authorities”.

“The Central Bank expects banks licensed in the UAE not to expose the UAE’s financial system to reputational risks, to respect the laws and regulations of the countries whose financial institutions are used in conducting transactions, and not to misuse the advanced financial infrastructure of the UAE,” it added in a statement.