Bank of America fined $1.2B after AML failures
🔍 Bank of America disclosed significant IT spending after an AI security audit and regulatory scrutiny found weaknesses in its anti-money-laundering controls. CEO Brian Moynihan said the bank has invested billions in technology and thousands of staff to fight financial crime, with several hundred million in Q3 spent on AML remediation. The bank also hired around 1,000 consultants to fix software vulnerabilities identified following an early release of Claude Mythos Preview.
