Fed Imposes Cease and Desist Order on BB&T for Deficient AML Program

Jan 27, 2017

The Federal Reserve together with the Federal Deposit Insurance Corporation (FDIC) has imposed a cease and desist order on the North-Carolina based Bank for significant deficiencies identified in its BSA/AML compliance program and for failing to comply with regulatory requirements. The order requires BB&T to implement an effective BSA/AML risk management program that is commensurate with the Bank’s risk profile.

In addition, the order calls for BB&T to enhance BSA/AML program areas such as governance and oversight, internal controls and policy and procedure documentation, amongst other areas.

Read Press Release here

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