Knowledge Sharing between Audit Board of the Republic of Indonesia and Financial Supervisory Services South Korea
Board members Audit Board of the Republic of Indonesia (BPK), Mr. Agus Joko Pramono and Professor Eddy Mulyadi Soepardi attended a meeting with Financial Supervisory Services (FSS) South Korea in Seoul, South Korea from 22 to 26 March 2016. The meeting aimed at exchange knowledge about the formation of the Financial Supervisory Authority (FSA), the division authority and coordination mechanisms between the FSA, Central Bank, Deposit Insurance Corporation, and the Ministry of Finance; funding and accountability; FSS resources to perform its duties and functions; as well as the identification and examination related to bank fraud.
FSS South Korea was established in 1999 when Korea started to integrate the supervisory authority through the Act on the Establishment of Financial Supervisory Organizations (the "Establishment Act") which enacted on December 29, 1997. Based on these laws, FSS is authorized as a regulator and supervisor for the entire financial sector. Previously, regulation and supervision of financial institutions in Korea was divided at the Bank of Korea, Finance Ministry, Securities Supervisory Board, and the Insurance Supervisory Board.
In Indonesia, the Financial Services Authority (OJK) is estbalished in accordance with Law No. 21 Year 2011. The organization functions to implement the integrated regulation and supervision of the overall activities in the financial services sector. Together with Bank Indonesia, the Deposit Insurance Agency, and the Ministry of Finance, FSA has a very important role in maintaining the stability of the financial system in Indonesia.