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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