Bank of America spent millions on anti-money-laundering tech, but not enough to avoid a $1.2B fine
Bank of America has had to spend big on IT in response to an AI security audit and findings that its anti-money-laundering (AML) controls were lacking.
The bank was fined a whopping $1.2 billion for money laundering offences this week, after banking authorities identified a lax attitude to compliance.
βWe understand the seriousness of compliance, and we are responsible for getting it right,β Bank of America CEO Brian Moynihan said on a conference call to discuss the companyβs third-quarter financial results. βWe have invested billions of dollars in technology and dedicated thousands of employees to combat financial crime,β he said, adding that βa couple hundred millionβ of that spending in the third quarter was on βremediation for the AMLβ.
The IT team had to spend a similar amount on fixing software vulnerabilities in its systems, a task that also required it to hire 1,000 consultants, Moynihan said.
The bankβs security vulnerabilities were revealed after the company received an early release of Claude Mythos Preview. In a report to the US House of Representatives Financial Services Committee, Anthropic said that Claude Mythos Preview βhas already found thousands of high-severity vulnerabilities, including some in every major operating system and web browser.β
This article first appeared on CSO.

