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Violation Tracker Individual Record

Company: Metropolitan Commercial Bank
Penalty: $15,000,000
Year: 2023
Date: October 19, 2023
Offense Group: financial offenses
Primary Offense: anti-money-laundering deficiencies
Violation Description: Metropolitan Commercial Bank agreed to pay $15 million in penalties resolving the Department's investigation into the Bank's oversight of its MovoCash Digital Prepaid Visa Card Program, which found that the Bank failed to maintain an effective and compliant anti-money laundering program and conducted its banking business in an unsafe and unsound manner.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.