Financial Crime World

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Regulatory Requirements for Banks in Cook Islands

The Financial Supervisory Commission (FSC) administers a range of enactments and regulations that govern financial institutions in the Cook Islands, including banks.

Banking Act 2011

Under the Banking Act 2011, banks operating in the country are required to comply with various requirements. The latest amendments were made through the Banking Amendment Act 2020.

Banking Fees Regulations

The FSC has also issued regulations related to banking fees, including:

  • Banking (Fees) (Amendment) Regulations 2014

Regulation of Other Financial Institutions

The FSC regulates other financial institutions, such as:

  • Foundations: governed by the International Companies Act 1981-82
  • Insurance companies: regulated by specific enactments and regulations
  • Money-changing and remittance businesses: subject to specific enactments and regulations

Enactments and Regulations

The FSC also regulates international trusts, partnerships, and relationships property trusts. The relevant enactments and regulations include:

  • International Trusts 1984
  • International Partnership 1984
  • International Relationship Property Trusts Regulations 2022, among others.

Prescribed Fees

In addition to these enactments and regulations, banks operating in the Cook Islands must also comply with various fees prescribed by the FSC. These fees are summarized under Prescribed Fees.

Important Note

While every effort is made to ensure that this legislation is up-to-date, due to small changes frequently being made, no guarantee can be given about its current status. All enquiries as to statutes, regulations and other statutory instruments should be directed to the Clerk of the Parliament of the Cook Islands.

Contact Information

For more information or copies of legislation, please contact:

Phone: (682) 26500 Fax: (682) 21260 Email: sarah.takairangi@cookislands.gov.ck

Note: The contact details are included as they were in the original text, but it would be common to include a link or instructions on how to access this information online instead of including phone and fax numbers directly in an article.