The US Securities and Exchange Commission (SEC) imposes a $25 million penalty on DWS Investment Management Americas Inc. (DIMA), a subsidiary of Deutsche Bank, in two enforcement actions for AML and ESG violations.
Facts
- SEC fines DIMA $6 million for failing to create a mutual fund anti-money laundering (AML) program tailored to specific risks.
- DIMA faces a $19 million fine for making “materially misleading” statements about its environmental, social, and governance (ESG) investment processes.
- DWS described itself as an ESG “leader” but did not conform to ESG processes it marketed from August 2018 to late 2021.
- DIMA agrees to cease-and-desist orders and penalties of $6 million for AML violations and $19 million for ESG misstatements, without admitting guilt.
