BB&T Says Fed Ends Cease-and-Desist Order Related to Anti-Money-Laundering Program
April 18 2019 - 12:16PM
Dow Jones News
By Colin Kellaher
BB&T Corp. (BBT) on Thursday said the Federal Reserve
terminated the cease-and-desist order it issued in early 2017
related to the bank's anti-money-laundering program.
The Winston-Salem, N.C., bank said no money-laundering activity
was identified, and no financial penalties were levied in relation
to this order.
The order, which the Fed issued over alleged deficiencies in
BB&T's anti-money-laundering controls, required the bank to
demonstrate compliance with anti-money-laundering rules until the
central bank removed or otherwise modified the order.
BB&T last June said the Federal Deposit Insurance Corp. and
the North Carolina Commissioner of Banks terminated a 2016 joint
consent order related to the bank's anti-money-laundering
program.
The regulatory orders, which both came with BB&T's consent,
didn't state that the bank had laundered money, but rather that its
internal systems for detecting criminal activity and reporting it
to the government were deemed unsound by regulators.
-Katy Burne and Rachel Louise Ensign contributed to this
article.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 18, 2019 12:01 ET (16:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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