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Cook Islands’ Financial Institutions Face Compliance Regulations Overhaul

The Cook Islands Financial Supervisory Commission (FSC) has implemented a range of enactments and regulations to ensure financial institutions in the country comply with strict standards.

Legislation and Regulations

The FSC administers several key pieces of legislation, including:

• The Financial Supervisory Commission Act 2003
• Financial Legislation Amendment Act 2012
• Banking Act 2011

These acts have been amended multiple times, with notable changes coming from:

• Banking Amendment Act 2011 to 2020

Insurance companies also face strict regulations, outlined in:

• Insurance Act 2008
• Insurance Amendment Act 2009
• Insurance Amendment Act 2012

Regulations for Various Financial Entities

The FSC has introduced regulations for:

• Money-changing and remittance businesses
• Trustee companies
• International and foreign companies
• Limited liability companies
• International trusts
• Captive insurance
• Digital registers
• Foundations

Prescribed Fees

In addition to these regulations, the FSC has outlined prescribed fees for various financial transactions.

Important Note: While every effort is made to ensure that this legislation is up-to-date, no guarantee can be given about its current status.

If you are a financial institution seeking clarification on compliance requirements, please contact:

• Clerk of the Parliament of the Cook Islands
• PO Box 13, Nikao, Rarotonga, Cook Islands
• Phone: (682) 26500
• Fax: (682) 21260
• Email: sarah.takairangi@cookislands.gov.ck

Objective: The FSC’s regulations aim to ensure the financial stability of the Cook Islands and protect consumers from financial risks.