12:13 - 20.10.2023

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October 20, Fineko/abc.az. Metropolitan Commercial Bank, one of the most influential U.S. banks, was fined by the Fed.

ABC.AZ reports that according to the Fed, the bank was fined for violating the rules of customer identification. Metropolitan opened prepaid card accounts for illegal immigrants in 2020, and then used these accounts to collect illegally obtained state unemployment insurance benefits using a third-party program administrator, without having adequate bank authentication procedures.

The total fine imposed on the bank by the Federal Reserve and the New York Department of Financial Services amounted to about $30 million.