WEB3
by BSCN
September 25, 2023
In response to the SEC's separate enforcement actions, DIMA agreed to cease-and-desist orders and substantial financial penalties.
Summary
Deutsche Bank subsidiary DWS Investment Management Americas Inc. (DIMA or DWS) has agreed to pay a total of $25 million in penalties. The penalties arise from two separate enforcement actions brought by the Securities and Exchange Commission (SEC).
According to the SEC’s statement, DIMA failed to establish an Anti-Money Laundering (AML) program for mutual funds it advised, violating the Bank Secrecy Act and relevant Financial Crimes Enforcement Network regulations.
“Importantly, those AML obligations require mutual funds to establish and implement individualized programs to detect and prevent money laundering and terrorism financing,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.
The second action highlights DIMA's misstatements regarding its Environmental, Social, and Governance (ESG) investment process. DIMA marketed itself as a leader in ESG integration but failed to adequately implement its global ESG policy, misleading clients and investors. Sanjay Wadhwa, Deputy Director of the SEC’s Division of Enforcement, stressed the need for investment advisers to align their actions with their ESG representations.
In response to these charges, DIMA, without admitting or denying the findings, has agreed to cease-and-desist orders and substantial financial penalties, marking a significant chapter in the ongoing efforts to ensure transparency and integrity in the financial industry.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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