Bank Melli Sanctions
UAE Central Bank Bans Bank Melli Iran Transactions Over Regulatory Violations
Anonymous
Key Points
1
Bank Melli Iran is described as Iran’s largest state-owned lender, and its Dubai branches had continued operating under licenses issued and supervised by the UAE central bank despite longstanding comprehensive U.S. sanctions.
2
The UAE central bank launched what it called a “special and urgent examination” of Bank Melli Iran’s branches operating in the country before imposing the restrictions.
3
The U.S. Treasury’s case against Dubai branch general manager Reza Mohammad Taeedi centers on allegations that Bank Melli facilitated transactions for the IRGC-Qods Force, Iran’s external operations arm.
4
The action forms part of a broader U.S. pressure campaign called “Operation Economic Outcast,” which targets Iranian shadow-banking networks operating through financial institutions across the Middle East and North Africa.
5
The wider campaign also affected Egypt’s Banque Misr: on the same day Taeedi was sanctioned, the U.S. Financial Crimes Enforcement Network proposed revoking the bank’s access to U.S. correspondent accounts, alleging it processed about $1.8 billion linked to Iranian shadow-banking networks between January 2024 and June 2026.
The UAE's Central Bank has banned Bank Melli Iran's branches from conducting any financial transactions to or from Iran, citing violations of money laundering and terrorism financing rules News on Air. The move follows a special examination of the Iranian state-owned bank's Dubai operations and comes as the U.S. Treasury escalates pressure on Iranian shadow-banking networks across the Middle East Economic Times.
The action targets Iran's largest state lender just days after the U.S. Treasury sanctioned Bank Melli's Dubai general manager, Reza Mohammad Taeedi, for facilitating transactions linked to Iran's Islamic Revolutionary Guard Corps Times of Israel. The restrictions block all trade finance and fund transfers through the bank's UAE branches under Article 168-1-C of the 2025 UAE central-bank law ZAWYA
U.S. Treasury Targets Iranian Bank Official Over Sanctions Violations
The Treasury Department designated Reza Mohammad Taeedi, general manager of Bank Melli's Dubai branch, for allegedly facilitating transactions benefiting Iran's Islamic Revolutionary Guard Corps-Qods Force Times of Israel. The Qods Force is Iran's external operations arm and has been subject to comprehensive U.S. sanctions for decades.
Taeedi's designation marks a key moment in what the U.S. calls "Operation Economic Outcast," a broader campaign to shut down Iranian shadow-banking networks operating across the Middle East and North Africa Devdiscourse. The campaign aims to isolate Iran's financial system from global markets and reduce Tehran's ability to fund military operations.
Bank Melli Continued Operating Despite Longstanding U.S. Sanctions
Bank Melli Iran is Iran's largest state-owned lender, yet its Dubai branches operated under valid UAE licenses for years despite comprehensive U.S. sanctions on the institution Economic Times. The bank's presence in the UAE provided a crucial gateway for Iranian financial transactions that faced barriers elsewhere.
The UAE Central Bank conducted what it described as a "special and urgent examination" before issuing the transaction ban ZAWYA. Inspectors found the branches violated regulations on money laundering, terrorism financing, and proliferation financing — the core supervisory concerns of regulators worldwide.
Egypt's Banque Misr Also Targeted in Broader Crackdown
On the same day Taeedi was sanctioned, the U.S. Financial Crimes Enforcement Network proposed revoeling Banque Misr's access to U.S. correspondent accounts News on Air. The move alleges the Egyptian bank processed approximately $1.8 billion linked to Iranian shadow-banking networks between January 2024 and June 2026.
The dual enforcement action signals intensifying U.S. pressure on regional financial institutions that facilitate Iranian transactions Times of Israel. Both moves target banks that provide critical financial plumbing for Iran's economy and military apparatus.
Sentiment
Mostly NegativeNEGATIVENEUTRALPOSITIVE
Publishers
25
Articles
42
Reach
67
Topics
A
AnonymousAuthor
