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

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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.

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"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.

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