Cook Islands Intensifies Banking Compliance Regulations

The Financial Supervisory Commission (FSC) in the Cook Islands has announced a series of amendments to banking regulations aimed at enhancing compliance and maintaining financial stability in the country.

Enhanced Compliance and International Best Practices

According to FSC officials, the amended regulations will bring the country’s banking sector into line with international best practices and standards. The changes include updates to:

• Banking Act 2011
• Banking Amendment Acts 2012-2020
• Banking (Fees) (Amendment) Regulations 2014

These amendments aim to strengthen the regulatory framework and ensure that banks operating in the Cook Islands meet high standards of governance, risk management, and customer protection.

Regulatory Framework for International Trusts and Partnerships

The FSC has also announced plans to improve its regulatory framework for international trusts and partnerships. The commission is seeking public feedback on proposed changes to:

• International Trusts Act 1984
• International Partnership Act 1984

This move aims to enhance transparency, accountability, and financial stability in the country.

Compliance Requirements and Consequences

Banks operating in the Cook Islands will need to comply with the amended regulations by a specified deadline. Failure to do so may result in penalties or other enforcement actions.

Contact Information

For more information on the amended banking regulations, contact:

• Financial Supervisory Commission: [phone number] or [email address]

Enquiries about legislation and statutory instruments can be directed to:

• Clerk of Parliament: [address], phone [phone number], fax [fax number], or email [email address].

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