Bank of America spent millions on anti-money-laundering tech, but not enough to avoid a $1.2B fine
Regulators fined Bank of America $1.2 billion for weak anti-money-laundering controls despite heavy technology spending.
Bank of America was fined $1.2 billion for money-laundering offenses after authorities found weak anti-money-laundering controls. CEO Brian Moynihan said the bank has spent billions on technology and assigned thousands of employees to combat financial crime, including a couple hundred million dollars in the third quarter on AML remediation. He said a similar amount was spent fixing software vulnerabilities, requiring about 1,000 consultants. The article says those vulnerabilities surfaced after the bank received an early Claude Mythos Preview, which Anthropic told a House committee had found thousands of high-severity flaws.