CSB was established in 1997, initially to serve the requirements of personal family trusts managed by professional trustees. Over the past 25+ years, we have steadily grown to encompass a wide range of private banking and investment services for individual, corporate and institutional clients.
In 1984, the Cook Islands enacted the International Trusts Act as part of an early shift toward building an international financial services sector alongside tourism, to support economic diversification. The Act created a statutory basis for international trusts administered by licensed Cook Islands trustees, and it helped anchor the jurisdiction’s financial services offering for offshore clients.
The International Trusts Act was strengthened through a series of amendments, led by the 1989 changes, to reinforce the Cook Islands as a specialist jurisdiction for international trusts and asset protection. These amendments tightened creditor challenge rules, limited reliance on foreign court outcomes, and clarified when a trust transfer is treated as fraudulent under Cook Islands law. They also refined trust registration and administration requirements, supporting professional oversight by licensed Cook Islands trustees.
Assented on 21 November 1996, the International Trusts Amendment Act strengthened the Cook Islands international trust regime by tightening the fraud challenge rules in Section 13B, including clearer “cause of action” timing and how related claims are treated for limitation purposes. Separately, the amendment removed the common law rule against perpetuities, supporting long-term, multi-generational trust planning under Cook Islands law.
Established in 1997, Capital Security Bank was founded in the Cook Islands to meet the banking needs of personal family trusts administered by professional trustees. The focus was private banking for internationally structured clients, with services built around secure custody, multi-currency banking, and trustee-led administration.
The Cook Islands came under international scrutiny for financial secrecy and perceived facilitation of tax evasion, driven largely by the OECD’s “tax haven” identification and wider global pressure for transparency. This period became a turning point, the Cook Islands formally committed to stronger transparency and information exchange standards, helping shift the narrative from secrecy to regulated, cooperative financial services. Regulatory reforms followed, including modern AML oversight and a dedicated FIU framework under the Financial Transactions Reporting Act, supporting a more credible, internationally aligned industry.
The Cook Islands signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, a global treaty for tax authority cooperation. It supports information exchange, coordinated tax examinations, and assistance with tax recovery across participating jurisdictions. This marked a clear point in time where the Cook Islands reinforced its commitment to international tax transparency and compliance standards.
Capital Security Bank became part of the GSB Group, a diversified international group of independent, regulated financial services and financial and regulatory technology businesses, aligned through shared standards and complementary capabilities.
Joseph Horn-Smith became Chief Executive Officer of Capital Security Bank in January 2024, following three years as Chief Operating Officer. He leads the bank’s strategy and oversees day-to-day operations, with a focus on sustainable growth, strong governance, and long-term resilience. He brings senior leadership experience from both business and high-performance sport, and is known for a people-first, collaborative management style.
