WASHINGTON, Oct 19 (Reuters) - New York-based Metropolitan Commercial Bank will pay approximately $30 million in fines after it allowed "illicit actors" to open prepaid card accounts in order to illegally obtain unemployment benefits, the U.S. Federal Reserve announced Thursday.
The Fed said the bank relied on a third-party program manager with insufficient procedures to verify customer identities. The joint action was taken by the Fed and New York's Department of Financial Services. (Reporting by Pete Schroeder)
