Deutsche Bank agrees to $25 million fine to settle charges unit lacked anti-money-laundering controls

Deutsche Bank AG
DB,
-0.28%
agreed to pay a $25 million fine to settle charges one of its subsidiaries did not have adequate anti-money-laundering protections in place and made misstatements about its environmental and social investing process, according to the Securities and Exchange Commission Monday. The SEC said Deutsche Bank’s investment adviser, DWS Investment Management Americas Inc., failed to develop and implement a “reasonably designed” anti-money-laundering program for mutual funds it advised. Additionally, the fine settles charges that DWS “made materially misleading statements about its controls for incorporating” environmental, social and governance factors into research and investment recommendations for its ESG integrated products.