BBT BB and T Corporation

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)

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