BB&T announces termination of AML-related consent order
Jun 29, 2018
WINSTON-SALEM, N.C., June 29, 2018 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today announced the Federal Deposit Insurance Corporation and the North Carolina Office of the Commissioner of Banks (NCCOB) have terminated their joint consent order with Branch Banking and Trust Company, related to the bank's anti-money laundering (AML) controls. No money laundering activity was identified and no financial penalty was levied.
The NCCOB also announced it has exited a similar order jointly issued with the Board of Governors of the Federal Reserve System in January 2017. BB&T continues to work closely with the Federal Reserve to resolve its continuing order.
Since early 2016, BB&T has made substantial enhancements to its AML compliance program, including significant investments in system upgrades, process improvements and the hiring and placement of a highly experienced AML team to oversee these efforts.
BB&T is one of the largest financial services holding companies in the U.S. with $220.7 billion in assets and market capitalization of approximately $40.6 billion, as of March 31, 2018. 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., the company operates more than 2,000 financial centers in 15 states and Washington, D.C. A Fortune 500 company, BB&T is recognized consistently 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.
SOURCE BB&T Corporation
For further information: Alan Greer, Executive Vice President, BB&T Investor Relations (336) 733-3021 AGreer@BBandT.com; Richard Baytosh, Senior Vice President, BB&T Investor Relations, (336) 733-0732, RBaytosh@BBandT.com; Brian Davis, Senior Vice President, BB&T Corporate Communications, Media@BBT.com
View all BB&T news releases by year and category.
At BB&T, we're committed to creating superior, long-term economic rewards for our shareholders, excellent asset quality relative to our peers, superior dividend yield, and strong revenue growth.
We strive to help our clients achieve economic success and financial security. Learn more about our company, leadership initiatives and commitment to diversity.
The BB&T story continues to unfold. Read about how we seek to make the world a better place for our clients, associates and communities.
From funding education programs to lending a hand to charitable organizations, BB&T is proud to join our friends and neighbors in building stronger and more vital communities.