The SEC has charged DWS, a New York-based investment advisory subsidiary of Deutsche Bank, in two enforcement actions published today. DWS neither admitted nor denied the allegations, but agreed to two orders to suspend activities related to anti-money laundering violations and ESG misstatements. DWS agreed to pay $25 million in total.
According to a 2021 complaint, DWS painted a rosier picture than reality for investors. A DWS spokesperson said the company has already taken steps to address deficiencies in its processes and procedures identified in the SEC order.
A DWS spokesperson said it is “committed to maintaining a robust risk management framework” and that the company has taken steps to improve its anti-money laundering processes for its U.S. mutual fund business since 2020.
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