{"slug": "bank-of-america-spent-millions-on-anti-money-laundering-tech-but-not-enough-to-a", "title": "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 this week for money-laundering offences after banking authorities found its anti-money-laundering controls lacking, CEO Brian Moynihan said on a third-quarter earnings call that the bank has invested billions in technology and dedicated thousands of employees to combat financial crime, including \"a couple hundred million\" in the third quarter on AML remediation. Moynihan said the IT team spent a similar amount fixing software vulnerabilities and hired 1,000 consultants, vulnerabilities surfaced after the bank received an early release of Anthropic's Claude Mythos Preview, which Anthropic told the US House Financial Services Committee \"has already found thousands of high-severity vulnerabilities, including some in every major operating system and web browser.", "body_md": "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.\n\nThe bank was [fined a whopping $1.2 billion for money laundering offences](https://www.bbc.co.uk/news/articles/cm3wvxy6n3z8o) this week, after banking authorities identified a lax attitude to compliance.\n\n“We understand the seriousness of compliance, and we are responsible for getting it right,” Bank of America CEO Brian Moynihan said on a conference call to discuss the company’s third-quarter financial results. “We have invested billions of dollars in technology and dedicated thousands of employees to combat financial crime,” he said, adding that “a couple hundred million” of that spending in the third quarter was on “remediation for the AML”.\n\nThe 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.\n\nThe bank’s 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](https://democrats-financialservices.house.gov/uploadedfiles/06.08.2026_-_bf_req.rea2bceos.pdf), Anthropic said that Claude Mythos Preview “has already found thousands of high-severity vulnerabilities, including some in every major operating system and web browser.”", "url": "https://wpnews.pro/news/bank-of-america-spent-millions-on-anti-money-laundering-tech-but-not-enough-to-a", "canonical_source": "https://www.csoonline.com/article/4236478/bank-of-america-spent-millions-on-anti-money-laundering-tech-but-not-enough-to-avoid-a-1-2b-fine.html", "published_at": "2026-10-16 12:42:15+00:00", "updated_at": "2026-10-16 13:17:34.109302+00:00", "lang": "en", "topics": ["artificial-intelligence", "ai-safety", "ai-policy"], "entities": ["Bank of America", "Brian Moynihan", "Anthropic", "Claude Mythos Preview", "US House of Representatives Financial Services Committee"], "also_reported_by": [], "alternates": {"html": "https://wpnews.pro/news/bank-of-america-spent-millions-on-anti-money-laundering-tech-but-not-enough-to-a", "markdown": "https://wpnews.pro/news/bank-of-america-spent-millions-on-anti-money-laundering-tech-but-not-enough-to-a.md", "text": "https://wpnews.pro/news/bank-of-america-spent-millions-on-anti-money-laundering-tech-but-not-enough-to-a.txt", "jsonld": "https://wpnews.pro/news/bank-of-america-spent-millions-on-anti-money-laundering-tech-but-not-enough-to-a.jsonld"}}