DWS, Deutsche Bank Subsidiary, Fined $25 Million for ESG Misstatements and Money Laundering Violations
Deutsche Bank subsidiary DWS Investment Management Americas (DIMA) has been charged by the Securities and Exchange Commission (SEC) in two separate enforcement actions. The first action addresses DIMA's failure to develop an Anti-Money Laundering (AML) program for its mutual funds, while the second action concerns misstatements regarding its Environmental, Social, and Governance (ESG) investment process. DIMA has agreed to pay a total of $25 million in penalties to settle the charges. The SEC found that DIMA failed to implement a proper AML program and made misleading statements about its ESG investment controls.