Financial Services Authority (Indonesia)

Financial Services Authority (Otoritas Jasa Keuangan; OJK) is an Indonesian government agency which regulates and supervises the financial services sector. Its head office is in Jakarta.

The OJK is an autonomous agency designed to be free from any interference, having functions, duties, and powers to regulate, supervise, inspect, and investigate. The agency was established in 2011 to replace the role of Bapepam-LK in regulating and supervising the capital market and financial institutions, as well as that of Bank Indonesia in regulating and supervising banks, and to protect consumers of financial services industry.

After the passage of the Law on Financial Sector Development and Strengthening, Indonesian government eventually elevated the authority to the special status and integrated it to the law enforcement system in Indonesia.

History
The agency was created in 2011 under the Act No. 21 of 2011 which organised system of regulation and supervision of financial services. It replaced the functions of the Capital Market and Financial Institutions Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan) or Bapepam-LK in short.

Functions
The Financial Services Authority was formed so that the whole activities in the financial services sector:
 * are working in ordered, fair, transparent, and accountable manners;
 * are able to create a financial system which grows continuously and in a stable manner; and
 * are able to protect the interests of consumers and the society.

The agency investigates financial crimes.

Member banks
All member banks are registered and supervised by the organization, and are required to carry the statement indicating such in advertising.
 * Bank Mandiri
 * Bank Central Asia
 * Bank Negara Indonesia
 * Bank Bukopin
 * Bank Rakyat Indonesia
 * Bank Permata
 * Bank Mega
 * Bank Nobu
 * Bank Danamon
 * Bank OCBC NISP
 * Bank CIMB Niaga
 * Bank Tabungan Pensiunan Nasional
 * Bank Internasional Indonesia
 * Bank Tabungan Negara

Islamic banks

 * Bank Syariah Indonesia
 * Bank Syariah Mandiri
 * Bank BNI Syariah
 * Bank BRI Syariah
 * Bank BCA Syariah
 * Bank Muamalat
 * Bank Mega Syariah
 * Bank Panin Syariah
 * Bank Syariah Bukopin