Daily News: April 19, 2019

BB&T Cleared of Money Laundering Charges


The Board of Governors of the Federal Reserve System has terminated its Cease and Desist Order with BB&T 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 CEO 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, 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.