WINSTON-SALEM, N.C.,
April 18, 2019 /PRNewswire/
-- BB&T Corporation (NYSE: BBT) today announced the Board
of Governors of the Federal Reserve System has terminated its Cease
and Desist Order with BB&T Corporation related to BB&T's
anti-money laundering (AML) program. No money laundering activity
was identified and no financial penalty was levied in relation to
this order.
"We are very pleased with the Fed's announcement," said BB&T
Chairman and Chief Executive Officer Kelly
S. King. "Since 2016, our highly experienced AML team has
worked tirelessly to ensure our BSA/AML program meets and exceeds
all required standards. Their efforts, along with our significant
investments in technology and process improvements, have positioned
us well for the future."
In June 2018, BB&T announced
that the Federal Deposit Insurance Corporation and the North
Carolina Office of the Commissioner of Banks terminated their joint
consent order with Branch Banking and Trust Company, similarly
related to the bank's AML program.
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with $227.7 billion in assets and market
capitalization of approximately $35.6
billion as of March 31, 2019.
Building on a long tradition of excellence in community banking,
BB&T offers a wide range of financial services including retail
and commercial banking, investments, insurance, wealth management,
asset management, mortgage, corporate banking, capital markets and
specialized lending. Based in Winston-Salem, N.C., BB&T operates more
than 1,800 financial centers in 15 states and Washington, D.C. and is consistently
recognized for outstanding client service by Greenwich Associates
for small business and middle market banking. More information
about BB&T and its full line of products and services is
available at BBT.com.
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SOURCE BB&T Corporation