2017 order citing BB&T Corp.’s BSA/AML deficiencies terminated

The Federal Reserve Board on Thursday announced the termination of a January 2017 cease-and-desist order against BB&T Corp. of Winston-Salem, N.C., over the firm’s “significant” Bank Secrecy Act/anti-money laundering (BSA/AML) deficiencies.

The consent order, signed by BB&T Corp., the Fed Board and the North Carolina Commissioner of Banks, required the bank holding company’s board to submit a written plan to strengthen board oversight of BB&T’s firmwide compliance risk management program addressing BSA/AML requirements, including measures to ensure that compliance risk is effectively managed across BB&T, “including within and across business lines, support units, and legal entities.” That order also shows that, at the time, the bank controlled by BB&T Corp. – Branch Banking and Trust Company, also of Winston-Salem – had also entered into a consent order addressing its own BSA/AML compliance issues.

The Fed said the order against BB&T Corp. was terminated Wednesday.

Federal Reserve Board announces termination of enforcement action with BB&T Corporation