- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-09-25T17:26:00
The asset management arm of Deutsche Bank agreed to pay $25 million in penalties across two separate settlements with the Securities and Exchange Commission (SEC) addressing alleged misstatements in environmental, social, and governance (ESG) investments and anti-money laundering (AML) violations.
DWS Investment Management Americas was fined $19 million as part of the ESG action and $6 million for the AML lapses, the SEC announced in a press release Monday.
Deutsche Bank has been no stranger to punishment over its AML controls, while the ESG matter received notable attention last year after then-DWS Chief Executive Asoka Woehrmann announced his resignation amid an investigation by German officials into allegations of greenwashing.
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Deutsche Bank was assessed a penalty of €50,000 (U.S. $54,000) by Germany’s financial supervisory authority for its alleged miscommunication of a 2023 information technology security incident.
The $19 million fine against DWS Investment Management Americas levied by the SEC wasn’t to punish greenwashing, experts said, but rather a penalty imposed for the firm not doing what it claimed related to its environmental, social, and governance investment strategy.
The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act and anti-money laundering requirements.
Nine investment advisers will pay a total of $1.24 million to settle allegations that they violated the Securities and Exchange Commission’s marketing rule by disseminating advertisements with untrue or misleading information.
A privately held family company and its CEO, who announced a $10 billion bid to buy U.S. Steel without having the cash on hand, will pay $600,000 in penalties to the Securities and Exchange Commission for making materially false statements.
Seven public companies will pay a total of $3 million in fines for requiring employees to sign agreements containing provisions that impeded their ability to report misconduct to the Securities and Exchange Commission.
