"In the case of Indonesian banks in Singapore, this will be by way of a broader provision of financial services, both in wholesale banking and to, for example, Indonesian students and work permit holders in Singapore, " the Monetary Authority of Singapore said in a statement.

BBC: Indonesia approves DBS purchase of Bank Danamon stake

In the case of Singapore, it is the Monetary Authority of Singapore, and in Hong Kong, the Hong Kong Securities and Futures Commission.

FORBES: Profit Seeking Pair

The fine was the first levied against a major corporation by Singapore's central bank, the Monetary Authority of Singapore, under rules governing market misconduct introduced last year.

BBC: NEWS | Business | China Aviation owner fined $4.8m

The Monetary Authority of Singapore reiterated its May 21 statement, saying it and Bank Indonesia are exploring further access into each other's markets, while Bank Indonesia Gov. Agus Martowardojo said the bank's position was unchanged and that "reciprocal" treatment is one of the considerations to allow DBS buy a bigger take in the Bank Danamon.

WSJ: DBS Group Extends Deadline on Takeover of Bank Danamon

"The civil penalty action against China Aviation Oil Holding Company is a signal to the market that we expect all entities undertaking transactions in this jurisdiction to fully comply with Singapore law, " said monetary authority deputy managing director Shane Tregillis.

BBC: NEWS | Business | China Aviation owner fined $4.8m

The Singapore Exchange has just announced it will be moving its broker-supervision powers to the Monetary Authority in July.

FORBES: Magazine Article