SINGAPORE: Singapore’s central bank imposed penalties of S$5.2 million ($3.95 million) on Standard Chartered Bank (SCBC) and S$1.2 million on Standard Chartered Trust (Singapore) (SCTS) for breaching money laundering rules and terrorism financing safeguards.
In a statement on Monday, the Monetary Authority of Singapore (MAS) said the breaches occurred when trust accounts of SCBC’ customers were transferred from Standard Chartered Trust (Guernsey) to SCTS from December 2015 to January 2016.
“MAS requires financial institutions to adequately assess money laundering risks when deciding whether to accept customers. They should also have in place good systems and processes to monitor customer transactions,” said MAS Deputy Managing Director Ong Chong Tee.
The MAS and Guernsey’s Financial Services Commission had been looking into Standard Chartered’s movement of some assets, mainly of Indonesian clients in late 2015, just before the Channel Island adopted new global rules on exchanging tax information.
“The timing of the transfers raised questions of whether the clients were attempting to avoid their CRS reporting obligations. However, SCBC and SCTS did not adequately assess and mitigate against this risk factor, and also failed to file suspicious transaction reports in a timely manner,” MAS said.
In a statement, Standard Chartered conceded that it fell short of its own standards to mitigate risks but said it was taking action to rectify these deficiencies.
“We ourselves identified the issue, we recognized that we weren’t as diligent as we needed to be in the transfer of some trust assets from Guernsey to Singapore,” Standard Chartered’s CEO Bill Winters said at Credit Suisse’s annual Asia Investment Conference in Hong Kong on Monday. “We reported both our own shortcomings and also the action of our clients to the MAS.”
“The important thing ... is we are making investments necessary to make sure there is no repeat,” he said.
Standard Chartered said in 2016 that it was to close its trust operations in Guernsey and centralize that part of its business in Singapore.
Singapore fines Standard Chartered entities $4.9 million for money laundering breaches
Singapore fines Standard Chartered entities $4.9 million for money laundering breaches
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
