The Securities and Exchange Commission (SEC) has taken action against DWS Investment Management Americas Inc. (DIMA), a subsidiary of Deutsche Bank AG, in two separate enforcement cases. DIMA has been charged with failure to develop a proper Anti-Money Laundering (AML) program for its mutual funds and with making misleading statements regarding its Environmental, Social, and Governance (ESG) investment process. To resolve these charges, DIMA has agreed to pay a total of $25 million in penalties.
In the AML case, the SEC found that DIMA caused the mutual funds it advised to not establish a reasonably designed AML program, as required by law. Additionally, it failed to implement policies and procedures to detect money laundering activities and provide AML training specific to the mutual funds’ business.
In the ESG case, the SEC found that DIMA made misleading statements about its controls for incorporating ESG factors into its investment recommendations. DIMA marketed itself as an ESG leader but failed to adequately implement certain provisions of its global ESG integration policy as it had led clients and investors to believe. It also failed to adopt policies and procedures to ensure the accuracy of its public statements regarding ESG integrated products.
DIMA agreed to a cease-and-desist order and a $6 million penalty in the AML case and a cease-and-desist order, censure, and a $19 million penalty in the ESG misstatements case. These actions highlight the importance of investment advisers ensuring that their actions align with their representations, especially in matters related to AML and ESG considerations.
Both investigations were led by the SEC’s Asset Management Unit (AMU) and involved collaboration with other divisions and units within the SEC.
By FCCT Editorial Team freeslots dinogame telegram营销
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}