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Deutsche Bank’s DWS Hit with €25M Fine for Misleading ESG Claims: What You Need to Know
Deutsche Bank’s investment division, DWS, has been fined €25 million (about $27 million) by the Frankfurt prosecutor’s office for allegedly misrepresenting its sustainable investment practices. The case traces back to accusations by former sustainability chief Desiree Fixler, who claimed the firm exaggerated its ESG (Environmental, Social, and Governance) integration. Following raids in May 2022 and increased scrutiny, DWS CEO Asoka Woehrmann resigned. DWS previously settled with the SEC for $19 million, marking a significant penalty for greenwashing. The prosecutor found DWS’s ESG claims unsubstantiated, leading the firm to acknowledge past marketing discrepancies and improve internal processes.
London Underwriters Teams Up with NormanMax to Enhance Parametric Insurance Solutions
London Underwriters (LU) has partnered with NormanMax Insurance Solutions (NMIS) to improve access to parametric insurance for natural disasters like hurricanes and earthquakes. This collaboration aims to enhance coverage efficiency and accessibility for agents nationwide, supported by InsurTech Insights. The integration of NMIS’s parametric products into the LU ONE platform will streamline processes, offering rapid claims settlement, customizable coverage, and transparency. Both companies’ leaders expressed enthusiasm for the partnership, emphasizing the alignment of their missions to deliver tailored solutions. This alliance marks a significant advancement in providing effective insurance options for clients in high-risk areas.
Broadridge Unveils Innovative Digital Asset Solutions for Enhanced Institutional Crypto Strategies
Broadridge Financial Solutions has launched Broadridge Digital Asset Solutions, a suite designed to help financial institutions enhance their digital asset operations while ensuring compliance with global cryptocurrency regulations. Leveraging its expertise in data management and investor communications, Broadridge aims to improve investor access and understanding of digital assets. A key feature is Broadridge® ClearFi, which consolidates on-chain and off-chain data to present standardized information about digital holdings. This platform benefits broker-dealers, exchanges, and wallet providers, addressing challenges investors face due to fragmented data. Broadridge’s initiative aims to promote transparency and democratize investing in the digital asset space.
LEI Worldwide Expands to Pune: Accelerating Local LEI Adoption for Businesses
LEI Worldwide has opened a new office in Pune to enhance the Legal Entity Identifier (LEI) landscape in India, responding to the rising demand for LEI compliance as mandated by the Reserve Bank of India for significant financial transactions. The Pune office results from discussions with local partners and banks, emphasizing the need for efficient LEI management. LEI Worldwide has partnered with OneNexus Outsourcing Partners LLP to bolster client support and utilize advanced RAMP technology for streamlined services. The expansion aims to improve customer engagement and reduce turnaround times, with LEI adoption projected to grow 9.9% in 2024.
Nomupay and Venditan Unite to Accelerate Global E-Commerce Growth
Nomupay, a global payment solutions provider, has partnered with Venditan, an e-commerce platform for independent retailers, to enhance online payment capabilities. This collaboration aims to simplify operations and accelerate international growth for e-commerce merchants. Key benefits include seamless payment integration, streamlined cross-border transactions, and optimized checkout processes. Venditan’s Managing Director, John Coyne, emphasized the partnership’s potential to provide clients with world-class payment infrastructure for global expansion. Grant Evans, Head of Partnerships at Nomupay, noted that the alliance empowers businesses to scale confidently in new markets. Together, they position themselves as leaders in global payment solutions for online merchants.