“Greenwashing” allegations: Deutsche Bank is being monitored even more closely by US authorities

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The US authorities continue to have Deutsche Bank on their radar for allegations of “greenwashing” against the fund subsidiary DWS.

As can be seen from Deutsche Bank's annual report, the US Department of Justice complains that the bank informed it too late about the allegations.

The bank had thus violated reporting obligations from an earlier agreement.

It was now agreed with the US Department of Justice at the end of February that the existing monitoring by an independent controller should be extended until February 2023. Deutsche Bank, DWS and the US Department of Justice declined to comment.

The fund subsidiary DWS hit the headlines in 2021 with accusations of “greenwashing”.

The background to this were allegations by the former head of the sustainability division that the asset manager was too lax with the criteria for sustainable investments.

According to insiders, the US authorities got involved.

DWS has always denied allegations of "greenwashing" by its former employee.

The subject of fraudulent labeling of ESG investments - ESG stands for environmental protection, social standards and good corporate governance - was recently at the top of the agenda for consumer advocates.

You have been calling for clear standards and guidelines for a long time.

The EU Commission recently launched its long-planned uniform classifications for "green" investments.

However, this taxonomy was not without criticism, since nuclear power and natural gas can at least receive an eco-label under certain criteria.

jso/Reuters