Deutsche Bank Subsidiary DWS to Pay $25 Million for ESG Misstatements, Anti-Money Laundering Violations
25 Settembre 2023 - 3:54PM
Dow Jones News
By Ben Glickman
Deutsche Bank subsidiary DWS Investment Management Americas will
pay $25 million to settle two charges by the Securities and
Exchange Commission.
The SEC said Monday that DWS failed to develop a mutual fund
anti-money laundering program and made misstatements regarding its
environmental, social and governance investment process.
The company will pay $19 million for the ESG misstatements and
$6 million for the anti-mutual fund violation. DWS didn't admit or
deny the SEC's findings in its settlements.
The SEC found that DWS made misleading statements about how it
was using ESG factors in research and investment recommendations.
The company allegedly failed to use policies and procedures to
guarantee that its statements about ESG offerings were
accurate.
The SEC also alleged that the company caused mutual funds it
advised to not implement a legally-required program to prevent
money laundering.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
September 25, 2023 09:39 ET (13:39 GMT)
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