The first addresses DIMA’s “failure” to create a mutual fund anti-money laundering (AML) programme, while the second concerns “misstatements” regarding the firm’s environmental, social and governance (ESG) investment processes.
Gurbir Grewal, director of the SEC’s division of enforcement, states that DIMA “advised mutual funds with billions of dollars in assets yet failed to ensure that the funds had an AML program tailored to their specific risks, as required by law”.
“Importantly, those AML obligations require mutual funds to establish and implement individualised programmes to detect and prevent money laundering and terrorism financing,” Grewal adds.
