Bank of America spent millions on anti-money-laundering tech, but not enough to avoid a $1.2B fine

Summary

Bank of America was fined $1.2 billion for money laundering offences after banking authorities found lax compliance. CEO Brian Moynihan said the bank spent a couple hundred million dollars in the third quarter on AML remediation, and a similar amount on fixing software vulnerabilities, which required hiring 1,000 consultants. The vulnerabilities were revealed after the company received an early release of Claude Mythos Preview.

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