Regulation hits UAE banks' dealings with US banks | GulfNews.com:
"The United Arab Emirates wants authorities in the United States to clarify regulations for U.S. banks doing business with UAE banks because the current system is holding up transactions happening via the U.S. dollar clearing service.
UAE central bank governor Mubarak Rashid al-Mansouri said on Wednesday the Gulf state's banks were facing difficulties working with U.S. correspondent banks due to this heavy regulatory burden.
The impact of the regulations is affecting trade and, more specifically, the large numbers of expatriates based in the UAE -- many from Asian and African countries -- who are sending money back home."
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