BB&T 2015 Annual Report Download - page 18

TableofContents
Patriot Act
The Patriot Act is intended to strengthen the ability of U.S. law enforcement agencies and intelligence communities to cooperate in the prevention, detection
and prosecution of international money laundering and the financing of terrorism. The Patriot Act contains anti-money laundering measures affecting IDIs,
broker-dealers and certain other financial institutions. The Patriot Act includes the IMLAFA, which requires such financial institutions to implement policies
and procedures to combat money laundering and the financing of terrorism and grants the Secretary of the U.S. Treasury broad authority to establish
regulations and to impose requirements and restrictions on financial institutions’ operations. The U.S. Treasury continues to issue regulations to implement
the Patriot Act, which impose substantial obligations on financial institutions to maintain appropriate policies, procedures and controls to detect, prevent and
report money laundering and terrorist financing. Failure to comply with these regulations may result in fines, penalties, lawsuits, regulatory sanctions,
reputation damage, or restrictions on business. In addition, the Patriot Act requires the federal bank regulatory agencies to consider the effectiveness of a
financial institution’s anti-money laundering activities when reviewing bank mergers and BHC acquisitions. BB&T expects to continue to devote significant
resources to its Bank Secrecy Act/anti-money laundering (“BSA/AML”) program, particularly as risks persistently emerge and evolve and as regulatory
expectations escalate.
Pay Ratio Disclosure
The SEC has adopted amendments to Item 402 of Regulation S-K to require disclosure of: (1) the median compensation amount of the annual total
compensation of all employees of a registrant (excluding the CEO), (2) the annual total compensation of that registrant’s CEO and (3) the ratio of the median
of the annual total compensation of all employees (excluding the CEO) to the annual total compensation of the CEO. The rules will require such pay ratio
disclosure information for the first fiscal year beginning on or after January 1, 2017.
Cybersecurity
The CISA, which became effective on December 18, 2015, is intended to improve cybersecurity in the U.S. by enhanced sharing of information about security
threats among the U.S. government and private sector entities, including financial institutions. The CISA also authorizes companies to monitor their own
systems notwithstanding any other provision of law, and allows companies to carry out defensive measures on their own systems from cyber attacks. The law
includes liability protections for companies that share cyber threat information with third parties so long as such sharing activity is conducted in accordance
with CISA.
Other Regulatory Matters
BB&T is subject to examinations by federal and state banking regulators, as well as the SEC, the FINRA, the NYSE, various taxing authorities and various
state insurance and securities regulators. BB&T periodically receives requests for information from regulatory authorities in various states, including state
insurance commissions and state attorneys general, securities regulators and other regulatory authorities, concerning BB&T’s business and accounting
practices. Such requests are considered incidental to the normal conduct of business.
Employees
At December 31, 2015, BB&T had approximately 37,200 employees, the majority of which were full time, compared to approximately 33,400 employees at
December 31, 2014.
Website Access to BB&T’s Filings with the SEC
BB&T’s electronic filings with the SEC, including the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
amendments to these reports filed or furnished pursuant to Sections 13(a) or 15(d) of the Exchange Act, as amended, are made available at no cost in the
Investor Relations section of the Company’s website, www.bbt.com, as soon as reasonably practicable after BB&T files such material with, or furnishes it to,
the SEC. BB&T’s SEC filings are also available through the SEC’s website at www.sec.gov.
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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