trending Market Intelligence /marketintelligence/en/news-insights/trending/44nTQsE82iXFN5IQG7P0Sw2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Regulators issue C&D order against BB&T over BSA/AML

Blog

Standar Baru Penilaian Pembiayaan Proyek oleh Bank

Blog

Banking Essentials Newsletter: May Edition

Blog

Latin American and Caribbean Market Considerations Blog Series: Focus on IFRS 9

Blog

Banking Essentials Newsletter: April Edition - Part 2


Regulators issue C&D order against BB&T over BSA/AML

The Federal Reserve Board and the North Carolina Office of the Commissioner of Banks issued a cease and desist order against Winston-Salem, N.C.-based BB&T Corp., in connection to a consent order issued by the FDIC to the company's unit Branch Banking and Trust Co.

Branch Banking and Trust has consented to the FDIC order to remedy deficiencies in its compliance program in relation to anti-money laundering, as well as the Bank Secrecy Act. At the time of the FDIC order's issuance, BB&T had disclosed it expected a similar order from the Fed.

"BB&T has a long history of quickly addressing regulatory concerns, and we've already made significant enhancements to our BSA/AML program," BB&T Director of Corporate Communications Brian Davis said in a statement. "We're committed to working alongside our regulatory partners to implement the needed improvements as quickly as possible."

Under the new enforcement action, effective Jan. 25, the company is ordered to ensure that its unit complies with the FDIC consent order. It is also required to strengthen its board's oversight of its firmwide compliance risk management program and submit a written plan regarding this within 60 days. It must also submit a plan to improve its firmwide compliance risk management program within 60 days.