Bank of America Fined $1.2 B After AML and IT Shortcomings

Bank of America was fined $1.2 billion for money‑laundering offences after regulators found its anti‑money‑laundering (AML) controls inadequate. CEO Brian Moynihan said the bank has invested billions in technology and thousands of employees to combat financial crime, noting that a “couple hundred million” of that spending in the third quarter was directed at AML remediation. The fine followed a recent AI security audit that highlighted gaps in the bank’s compliance posture.

The audit also exposed software vulnerabilities that required a major IT response. The bank spent a similar amount on fixing those issues and hired 1,000 consultants to help. These vulnerabilities were revealed after the early release of Claude Mythos Preview, with Anthropic reporting that the preview had found thousands of high‑severity weaknesses in major operating systems and web browsers.