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.
“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”.
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